BofA Lifts Nvidia Stock Price Target to $320 Ahead of Earnings
BofA Securities lifted the nvidia stock price target to $320 from $300 and kept a Buy rating ahead of Nvidia’s May 20 earnings report. The change points to about 45% upside from current levels, but it also comes with a warning that margins may tighten as the company scales into its next phase.
Vivek Arya Raises Estimates
7% was the increase in Vivek Arya’s fiscal 2028 and 2029 sales and earnings estimates for Nvidia. He tied that move to Nvidia’s strong position across the AI market and its broad product lineup, writing, “Nvidia continues to stand out because of its strong position across the AI market and its broad product lineup.”
May 20 is the first near-term catalyst BofA flagged, with Nvidia scheduled to report fiscal first-quarter earnings. June follows with the Computex trade show, while the expected launch of the Vera Rubin platform later this year adds another benchmark for how quickly Nvidia can turn AI demand into revenue.
Margins, Competition, And Returns
18% is Nvidia’s year-to-date gain, leaving the stock well ahead of where it started the year even before the earnings report lands. The Wall Street consensus is also constructive: Nvidia carries a Strong Buy rating, and the average price target of $276.41 implies roughly 25% upside from current levels, below BofA’s new view.
“profit margins may gradually decline as high-bandwidth memory becomes a bigger part of production costs and competition from AMD (AMD) and custom AI chips increases,” Arya said. He also said Nvidia could increase shareholder returns in the second half of the year, but that path will be tested by rising input costs and a more crowded AI chip field.
Micron Gets A Bigger Lift
$950 was BofA’s new price target on Micron Technology, up from $500, with the Buy rating unchanged. Micron has surged more than 168% year-to-date, yet the average analyst target of $591.67 still suggests about 23% downside after that rally.
“AI memory demand continues to stay ahead of supply,” Arya said, and he pointed to capital spending limits, packaging capacity, and power availability as the bottlenecks slowing memory output. That setup favors makers like Micron, especially as demand rises for high-bandwidth memory used in AI servers and as DRAM and NAND trends improve.
For Nvidia holders, the message is straightforward: BofA is betting that the company can keep extending its AI lead into May 20, June, and later this year, even if margins do not move in a straight line. The market now has a higher bar for earnings, guidance, and whatever Nvidia says next about Vera Rubin and shareholder returns.
