Nvidia's Price Target Raised to $1,200 by KeyBanc Analyst Amid Strong AI Chip Demand and Stock Correction, Supply-Chain Checks in Asia, and Bank of America Note

KeyBanc analyst John Vinh raised Nvidia's price target to $1,200 per share from $1,100, maintaining an overweight rating. Supply-chain checks in Asia support doubling AI server numbers in 2024 due to strong demand for Nvidia's H20 chips in China. Nvidia's stock fell nearly 4-5% on April 9, entering correction territory with a 10% decrease from all-time highs. Despite the correction, Bank of America notes that this is the 9th time Nvidia has declined by ~10% since late '22. However, Nvidia rebounded, surpassing $900 on April 11, with high volatility and strong market interest.