By Michael Dabaie

NVIDIA Corp. shares were up 3% at $767.14 in morning trading Friday after Bank of America boosted its price objective, saying a solid pipeline and artificial intelligence could mean increased data center sales.

Bank of America Global Research raised its price objective on the computer graphics processors, chipsets, and related multimedia software company to $900 from $800 and reiterated its Buy rating.

Bank of America said it took a deep dive into NVIDIA's data center business, 40% of sales today, at the onset of accelerating growth opportunities in enterprise/cloud AI.

The bank said its takeaway is that "rising AI adoption, expanding use-cases across cloud, enterprise, edge, telco can help NVDA double its content and triple its data center sales over the next few years."

Bank of America said it expects NVIDIA's data center business to grow at a 35% compounded rate to become its largest segment by year-end 2025.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

June 18, 2021 11:32 ET (15:32 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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