Benzinga | Nov 10, 2021 08:25AM EST

BofA Finds Nvidia "Uniquely Ready" For AI, Robotics, Metaverse, Autos

* BofA analyst Vivek Arya raised the price target on NVIDIA Corp (NASDAQ:NVDA) to $340 from $275, implying an 11% upside, and reiterated a Buy after attending the virtual GTC Keynote of CEO Jensen Huang.

* He believes Nvidia is "uniquely ready" with its combo of hardware, software, and developer ecosystem to address new technologies across AI, robotics, metaverse, and autos as well as "any new markets that materialize."

* Assuming just a 5% penetration of Omniverse Enterprise by 2025, he sees an additional $10 billion of sales translating to $1.50 in EPS, driving a long-term EPS power estimate over $10 from $8.50 previously.

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* Price Action: NVDA shares traded lower by 3.68% at $295.3 in the premarket session on the last check Wednesday.