Nvidia (NASDAQ: NVDA) has been one of the most remarkable stocks since the hype around artificial intelligence (AI) took the market by storm. Since the beginning of last year, shares of the advanced semiconductor company are up nearly 400%.

One Wall Street analyst thinks there's still plenty of upside for Nvidia, too. Ananda Baruah from Loop Capital has initiated coverage with a buy rating and $1,200 price target. That's the highest of all analysts covering the stock, and it represents a 65% gain from where shares trade as of this writing.

And remember Nvidia was trading below $120 per share as recently as Oct. 2022.

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Source Fool.com