Benzinga | Sep 17, 2021 08:07AM EDT

BofA Bumps Price Targets For Nvidia, Microchip, KLA

* BofA analyst Vivek Arya has raised the price target on NVIDIA Corp (NASDAQ:NVDA) to $275 from $260, implying a 23.6% upside, and reiterated a Buy.

* Arya raised the PT on Microchip Technology Inc (NASDAQ:MCHP) to $185 from $170, indicating a 13.4% upside, and affirmed a Buy.

* Arya raised the PT on KLA Corp (NASDAQ:KLAC) to $450 from $425, suggesting a 21% upside, and maintained a Buy.

* Arya remained "firmly in the stronger-for-longer camp" for semiconductors, given their "critical role in the rapidly digitizing global economy."

* Arya noted that the companies face "newfound pricing power and supply discipline" with a "very lean supply chain."

* Price Action: NVDA shares traded lower by 0.05% at $222.30 in the premarket session on the last check Friday.