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Bank of America hikes price target for Nvidia to $750 after earnings beat

Nvidia headquarters in Santa Clara, California, on Tuesday, Feb. 23, 2021.

David Paul Morris | Bloomberg | Getty Images

The latest earnings report from Nvidia should help the semiconductor giant’s stock continue its hot streak, according to Bank of America.

The chipmaker beat expectations on the top and bottom lines in its first-quarter report, helped by rising revenue for gaming and processors specifically made for crypto mining.

Bank of America analyst Vivek Arya said in a note to clients on Wednesday that the first-quarter results warranted a hike in estimates and price target for the company, saying that splitting up the crypto and gaming products should help solidify the overall business.

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