Nvidia Keeps Climbing as BMO Spots a $340 Price Target

Nvidia's valuation still underestimates its strength in the market, according to BMO analyst Harsh Kumar. In a recent report, BMO launched coverage of Nvidia with an Outperform rating and a $340 price target.

Kumar pointed out that Nvidia's full-stack platform, dominant market share, and upcoming Vera Rubin ramp are key reasons for his bullish stance. He noted that Nvidia is no longer just selling GPUs but has become a comprehensive hardware-software company.

BMO was also optimistic about several AI-linked peers, assigning Outperform ratings to Broadcom, Advanced Micro Devices, Marvell Technology, and Semtech. However, Nvidia stood out as the top pick among these companies.