Bank of America (BofA) (BAC) now sees Nvidia’s (NVDA) shares rising further than it earlier projected, with a boost from several “upcoming catalysts,” including the chipmaking giant’s first-quarter 2027 earnings, expected on May 20.
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BofA analyst Vivek Arya raised his Nvidia price target from $300 to $320, which implies roughly 46% upside in the months ahead from NVDA’s closing price of $219.44 on Tuesday. Arya is in the top 1% of analysts tracked on TipRanks, placing 81st out of the more than 12,000.
The analyst focuses heavily on tech and semiconductor names and has generated an average return of more than 82% for investors over the past 12 months based on his ratings on Nvidia, as the image below shows.
BofA Flags Several ‘Upcoming Catalysts’ for Nvidia
- Q1 2027 Earnings: Nvidia crushed analysts’ estimates for the last quarter of its fiscal year 2026. Now, Wall Street expects the chipmaker for the first quarter that ended on April 26 to have grown its revenue by 78% year-over-year to $78.62 billion, with its earnings per share jumping even further. EPS is projected to come in at $1.74 per share, a 115% rise from a year ago. Analysts at Wells Fargo and Susquehanna have also lifted their Nvidia price targets based on their bullish outlook on the incoming earnings.
- CPU launch: Arya is hopeful Nvidia might launch a new central processing unit (CPU) at Computex Taipei, one of the world’s biggest computer and tech trade shows held annually in Taipei, Taiwan. In March, Nvidia introduced the Vera CPU that is purpose-built for autonomous AI tasks.
- Vera Rubin launch: Another reason the BofA analyst is bullish on Nvidia is the expected commencement of shipping for the chipmaker’s widely anticipated Vera Rubin AI system during the last six months of 2026.
- Higher cash return: Arya also pointed to the possibility that Nvidia might increase its cash return to shareholders during the latter half of this year.
Is Nvidia Still a Good Stock to Buy?
On Wall Street, Nvidia’s shares remain a Strong Buy based on analysts’ consensus rating. This breaks down to 40 Buys, one Hold, and one Sell assigned over the past three months.
In addition, the average NVDA price target of $276.11 suggests about 25% upside from current trading levels.
