Key Takeaways

• Nvidia shares closed at a fresh high Monday, just a week after the stock set its previous record.

• The gains came as analysts grew more bullish on stock, expecting it has further to rise.

• Bank of America raised its price target late last week, calling Nvidia a “top AI pick.”

Nvidia (NVDA) shares surged Monday to close at a fresh high, just a week after the company set its previous record.

The chipmaker's stock price gained more than 4% to finish at $143.71 Monday, and has nearly tripled in value this year as demand boomed for the company’s chips to support artificial intelligence (AI).

Analysts Say Nvidia Stock Still Has Room To Rise

Despite the stock's meteoric rise, most analysts believe the stock still has further to climb. All but one of the 22 analysts covering the stock tracked by Visible Alpha had a "buy" or equivalent rating on the stock as of Monday, with a consensus price target of $154.19, up from $152.41 a week ago and implying over 7% upside from Monday's closing price.

Late last week, Bank of America analysts lifted their price target for Nvidia even higher to $190 from $165, calling it a “top AI pick.” The analysts pointed to recent comments from Nvidia CEO Jensen Huang, who said that demand for the company's Blackwell AI chips is “insane” in an interview with CNBC earlier this month.

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