Bank of America analyst Vivek Arya has reaffirmed a $350 price target on Nvidia, pointing to a widening gap between the chipmaker's guidance and his own revenue estimates. He argues the stock is getting cheaper even as it climbs, since it trades at its lowest forward earnings multiple in roughly a decade. Nvidia's next earnings report, on August 26, 2026, will test the thesis.
Bank of America analyst Vivek Arya has reaffirmed his Buy rating on Nvidia with a $350 price target. That implies roughly 56% to 61% upside from the stock's recent trading range of $219 to $224. His thesis: Nvidia's AI-driven revenue is growing so fast that the shares are actually getting cheaper on a forward earnings basis, even as the price climbs.
Revenue outrunning guidance
Arya expects Nvidia's fiscal Q2 FY2027 revenue to land between $94 billion and $95 billion, above the $91 billion Nvidia itself guided for. He then projects Q3 revenue of $107 billion to $108 billion, which would top Wall Street's consensus estimate of roughly $104 billion. That jump would mark sequential growth of roughly 13% to 14% from the second quarter to the third.
A valuation near a decade low
At approximately 16 times forward earnings, Nvidia trades at its lowest valuation multiple in roughly 10 years. Arya has built his conviction through the year, raising his price target on multiple occasions, and reiterated the $350 target on August 7, 2026. He is betting that Nvidia's business momentum, not doubts about AI spending, explains why the stock hasn't caught up to its own growth.
The next test: August 26 earnings
Nvidia's next earnings report, scheduled for August 26, 2026, after market close, will be the next major check on Arya's numbers. A Q2 print near his $94-95 billion estimate would support the case that Nvidia is undervalued relative to its growth. Guidance will matter just as much: a Q3 outlook near his $107-108 billion projection would signal that management sees the same demand acceleration the bulls are pricing in.
Source: Crypto Briefing
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