Shares of Nvidia (NASDAQ: NVDA) surged higher on Monday, jumping as much as 5.2%. As of 11:07 a.m. ET today, the rally had faded somewhat, though the stock was still up 0.5%.

The catalyst that sent the chipmaker higher was increasing confidence in its artificial intelligence (AI) prospects on Wall Street, resulting in a pair of price target increases.

analyst Frank Lee maintained his buy rating on the stock while increasing his price target to $1,050. That suggests potential upside of more than 20% compared to Friday's closing price -- and on top of the stock's 500% gains since the beginning of 2023. The analyst cited Nvidia's expansion beyond graphics processing units (GPUs) into central processing units and software to power its AI-centric processors.

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Source Fool.com