Bank of America raises Nvidia price target to $350, keeps Buy rating

Bank of America raised its price target on Nvidia to $350 from $320 on May 21 and kept a Buy rating, according to TheStreet’s report on the note. The change came a day after Nvidia reported fiscal first-quarter results that showed record revenue of $81.6 billion for the period ended April 26, 2026, according to the company’s earnings release. Nvidia shares fell in post-earnings trading even as analysts across Wall Street updated targets and estimates after the report. TheStreet said Bank of America analyst Vivek Arya reiterated long-term conviction on the stock in the May 21 note. ### Why did Bank of America move the target again? TheStreet said Vivek Arya raised the target to $350 from $320 one week after a separate Bank of America note had lifted the target to $320 from $300 ahead of results. In the post-earnings note, TheStreet reported, Arya kept the Buy rating and used Nvidia’s latest results to support the higher target. TheStreet’s summary said the valuation was based on a 26-times multiple of Arya’s estimate for calendar-year earnings excluding cash. (thestreet.com) May 13 was the date of the earlier Bank of America change to $320, according to TheStreet’s earlier report and other market coverage that cited the same note. That earlier call was tied to Bank of America’s forecast for a larger artificial-intelligence data center market through 2030. ### What did Nvidia report that prompted the change? (thestreet.com) Nvidia on May 20 reported first-quarter fiscal 2027 revenue of $81.6 billion, up 85% from a year earlier, according to its investor relations release. The company said data center revenue was $75.2 billion, up 92% year over year. Nvidia also announced an additional $80 billion share repurchase authorization and increased its quarterly cash dividend from $0.01 per share to $0.25 per share. (thestreet.com) CNBC’s earnings coverage said Nvidia posted adjusted earnings per share of $1.87 against analyst expectations of $1.76, while revenue exceeded consensus estimates. That gave analysts fresh figures to use in revising models, even as the stock reaction remained mixed after the release. ### If the numbers were strong, why did the stock fall after hours? Nvidia shares slipped after the earnings release on May 20, according to CNBC and MarketWatch coverage of the report. (investor.nvidia.com) CNBC described the quarter as strong but said the stock still slid after the release. MarketWatch said investors were focused not only on the beat but also on how new products, partnerships and forward expectations would support the next phase of growth. (cnbc.com) TheStreet’s report said Bank of America remained positive despite that reaction. Decrypt, citing the Bank of America note, said the bank continued to list Nvidia as a top pick after the quarter. ### What does the $350 target say about Bank of America’s stance? The $350 figure shows Bank of America did not change its rating after earnings and instead raised its target again, according to TheStreet. (cnbc.com) The note, as summarized by TheStreet, reiterated long-term conviction in Nvidia shares. Other recent coverage shows Bank of America had already been lifting estimates tied to AI demand before the results. (thestreet.com) TheStreet’s earlier report said Arya had raised sales and earnings forecasts for later fiscal years in the pre-earnings note. ### What comes next for investors tracking the call? Nvidia’s investor relations page lists quarterly financial reports, presentations and transcripts, which will be the next primary source for any further estimate changes by analysts. (thestreet.com) The company’s May 20 release covered the quarter ended April 26, 2026, and future target changes from Bank of America or other firms will likely follow Nvidia’s next earnings update and related filings. (investor.nvidia.com) (thestreet.com)