Chipmaker NVIDIA Corp. (NVDA) can add a new bull to its list of Wall Street watchers after SunTrust Robinson Humphrey hiked its price target on the stock, joining a growing a number of analysts and investors who are giddy about the company’s prospects in the artificial intelligence market.

In a research note to clients, SunTrust analyst William Stein said he now expects the stock to hit $200 a share, up from his past price target of $181 a share. Recently, NVIDIA’s stock was trading at $179.53, down $0.10 or 0.06%. At $200, the analyst thinks the stock can appreciate an additional 11%. Shares are roughly 72% higher so far this year as bullish analysts continue to pile on with their upbeat assessments. (See also: Don't Bank on NVIDIA's AI Prospects: Morningstar.)

SunTrust’s Stein said he was prompted to raise the price target given the Santa Clara, California-based chipmaker's new products and customer contracts inked around AI in the data center. "Artificial intelligence at the Edge expands the potential use cases for inference, and NVDA's position," Stein wrote in the research note covered by Business Insider. "AI at the Edge is an emerging idea, but one that could deliver significant revenue quickly. The idea is essentially take AI compute out of the data centers, and place it in platforms and products all around us."

AI Everywhere

Currently NVIDIA’s AI chips are used in the data center to train the systems to analyze and work better with the volumes of data that is compiled. In the future, the idea is that once those systems are trained they can be used for all sorts of devices, be it a drone, self-driving car or refrigerator, reported Business Insider, noting that NVIDIA is working on specialty chips to meet that end. Late last month the company announced it inked a partnership with JD.com to bring AI to delivery drones. The companies said the idea is to reduce the delivery costs when sending packages to rural China. JD.com is one of the leading e-commerce players in China. (See also: NVIDIA Announces Deals With Tencent, Baidu, Alibaba.)

“Our anticipated scenarios ranged from a bear case of 42% CAGR​ through 2020 to a very bullish case of 100% CAGR through 2020,” wrote Stein in the report that was also covered by Barron’s. “As of our last writing we viewed a 61% CAGR as our base case. Following more recent announcements and our discussions with management, we see a 71% CAGR as more appropriate, as breadth of adoption, as well as NVDA's likely share in the inference market, both grow from new developments.”

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