Semiconductor company Nvidia's (NASDAQ: NVDA) recent business performance has been explosive. The tech company, which benefits from the current boom in generative artificial intelligence (AI) due to its advanced AI chips in its data center segment, saw its fiscal third-quarter revenue rise 206% year over year to $18.1 billion. Data center revenue, specifically, increased 41% sequentially and 279% year over year to more than $14.5 billion.
As investors try to gauge how long Nvidia's staggering growth can persist and how to value the company following such a huge influx in demand for its products, many analysts have been raising their 12-month price targets for the stock. One of the most bullish Nvidia analysts recently updated their target for shares to $700 -- a level that would translate to more than 40% upside from here.
Here's what has this analyst so bullish.
Source Fool.com