Based on his price objective of $650 per share, Arya's forecast implies nearly 44% upside from Monday's closing price of $451.78.
Since the beginning of 2023, Nvidia's forays into AI have vaulted its stock price over 209%.
But even Nvidia has not been immune to growing investor concerns around rising U.S.-China tensions, weakening industrial activity, and the sustainability in demand for generative AI products.
Over the long term, the analyst expects Nvidia's earnings potential and several catalysts will continue to drive its share price higher.
He warned investors may be "overlooking" these factors, which include the company's expanding product offerings, especially those within the generative AI space.
Persons:
Vivek Arya, Arya, CNBC's Michael Bloom, Samantha Subin
Organizations:
of America, Nvidia, Semiconductor, AMD
Locations:
China