Nvidia is well placed to provide the tech necessary to develop new AI models, and it's got an edge with big enterprise customers, BofA analysts note.

A BofA analyst sees room for Nvidia Corp. shares to tack on another 40% or so to their explosive rally, as a “generational opportunity” further unfolds. BofA’s Vivek Arya upped his price objective on Nvidia shares NVDA to $190 from $165 in a Thursday report, with that target implying 39% upside from Thursday’s close.

Nvidia stock is already up 180% this year and more than 31,000% over the last decade as the company became the face of the artificial intelligence revolution.