"Nvidia's Bright 2024 Forecast: Analysts Predict $100B Free Cash Flow Surge and Top Sector Pick Status"
Nvidia is projected to have a 42% stock price upside in 2024, driven by its success in the AI chip market and an ambitious target of $100 billion in free cash flow over the next two years. Bank of America notes that Nvidia's growth will be supported by its strong competitive position, a pipeline of new AI chips, and the potential for new growth initiatives funded by its cash generation. Nvidia's ability to transition to a recurring revenue model is seen as crucial for sustaining growth and achieving a higher valuation multiple. The company is also expected to pursue partnerships and M&A to bolster its software and intellectual property assets. Bank of America maintains a "Buy" rating with a $700 price target on Nvidia's stock.