There’s little query that Nvidia (NASDAQ: NVDA) has turn into the usual bearer for the chances ensuing from latest developments in synthetic intelligence (AI). The corporate’s cutting-edge processors are the gold normal to be used with AI fashions, which has supercharged its inventory and helped it surge greater than 500% for the reason that begin of 2023.One Wall Road analyst believes there’s nonetheless way more inventory worth appreciation to come back.Nvidia is cashing in on the AI gold rushAnalysts at Truist Monetary raised their worth goal on Nvidia to $1,177 whereas sustaining a purchase ranking on the shares. That represents a possible achieve of 33% over the subsequent 12 months or so in comparison with the inventory worth when the market closed on Monday. The Truist analyst stated buyers are underestimating Nvidia’s main place in parallel computing and AI.The analyst goes even additional, calling Nvidia “the AI firm,” citing its ongoing funding and its “tradition of innovation” as strategic benefits.A strategic benefit for NvidiaIt’s exhausting to seek out fault with the analysts’ place. When Nvidia reported the outcomes of its fiscal 2024 fourth quarter (ended Jan. 28), the corporate spent a document $2.46 billion on analysis and growth (R&D), capping off a yr wherein the corporate spent $8.68 billion on R&D — additionally a document.A lot has been made concerning the looming competitors as rivals scramble to develop a greater, sooner, extra strong AI processor. Nevertheless, Nvidia has an extended observe document of staying forward of the competitors, and — because of its ongoing heavy spending on R&D — that is unlikely to vary anytime quickly.Moreover, Nvidia is presently promoting for 74 occasions trailing 12-month earnings. Wall Road expects Nvidia to generate earnings per share (EPS) of $24.46 in 2025 and $29.82 by 2026. If the analyst’s worth goal is correct, that will shrink the corporate’s price-to-earnings (P/E) ratio to 48 subsequent yr and 39 the yr after, which suggests Nvidia inventory is a discount at its present worth.Story continuesFor these causes and extra, Nvidia inventory is a purchase.Do you have to make investments $1,000 in Nvidia proper now?Before you purchase inventory in Nvidia, contemplate this:The Motley Idiot Inventory Advisor analyst group simply recognized what they consider are the 10 finest shares for buyers to purchase now… and Nvidia wasn’t one in every of them. The ten shares that made the minimize may produce monster returns within the coming years.Inventory Advisor gives buyers with an easy-to-follow blueprint for achievement, together with steering on constructing a portfolio, common updates from analysts, and two new inventory picks every month. The Inventory Advisor service has greater than tripled the return of S&P 500 since 2002*.See the ten shares*Inventory Advisor returns as of March 18, 2024Danny Vena has positions in Nvidia. The Motley Idiot has positions in and recommends Nvidia and Truist Monetary. The Motley Idiot has a disclosure coverage.Nvidia Inventory Has 40% Upside, In accordance with 1 Wall Road Analyst. Is the Inventory a Purchase Close to Its All-Time Excessive? was initially printed by The Motley Idiot