RBC Boosts NVIDIA Price Target to $330 as AI Demand Accelerates

NVIDIA's (NASDAQ:NVDA) stock price target has been boosted by Royal Bank Of Canada to $330.00, representing a potential upside of 46.79% from its previous close. This move comes after the company reported record-breaking results in its fiscal Q2, with revenue reaching $96.2 billion and non-GAAP EPS of $2.22 exceeding expectations.

The brokerage, Royal Bank Of Canada, currently has an 'outperform' rating on NVIDIA's stock. The price target boost follows a series of analyst upgrades and downgrades, with China Renaissance initiating coverage with a 'buy' rating and a $319.00 price target, while New Street Research lowered its price target to $340.00.

NVIDIA has been experiencing significant growth due to the accelerating demand for AI infrastructure. The company's CEO, Jensen Huang, stated that AI infrastructure demand is accelerating and the buildout is 'at full steam.'