Bank of America raises Nvidia target to $350 after record $81.6B quarter
BAC•Nvidia reported record Q1 revenue of $81.6 billion, up 85% year-over-year and 20% sequentially, driven by $75.2 billion in data center sales and $48.6 billion in free cash flow. Bank of America reiterated its buy rating and raised its price target from $320 to $350, implying 56.6% upside.
1. Record Quarterly Results
Nvidia delivered its largest quarter ever with $81.6 billion in revenue, beating expectations by roughly $2.5 billion. Adjusted earnings per share reached $1.87 versus the $1.73 forecast, while gross margin held at 75% and free cash flow rose to $48.6 billion.
2. Data Center Dominance
Data center sales accounted for $75.2 billion of total revenue, up 92% year-over-year and split evenly between major cloud providers and emerging AI, industrial, and enterprise clients. This segment’s rapid growth remains the primary driver of the company’s overall expansion.
3. Bank of America Boosts Outlook
Bank of America maintained its buy recommendation and lifted its price target from $320 to $350, signaling a projected 56.6% upside from current levels. Analysts cite the expanding AI market and robust demand as the rationale for continued long-term growth.
