BMO Calls Nvidia Undervalued Despite Massive Run

Nvidia's valuation has been seen as undervalued by Wall Street analysts, including BMO, which launched coverage of the chipmaker with an Outperform rating and a $340 price target.

BMO analyst Harsh Kumar pointed to Nvidia's full-stack platform, dominant market share, and upcoming Vera Rubin ramp as key reasons for the bullish stance. 'Next-gen Vera Rubin NVL72 system ramps in 2H,' Kumar wrote.

Nvidia is no longer simply selling GPUs; its systems increasingly combine accelerators, CPUs, networking, software, and rack-scale architecture, making it harder for rivals to displace the company on price alone.