Ramsay raised his price target on the Santa Clara, Calif., chip titan to $475 from $410 and affirmed his outperform rating.
He based his action on the product-cycle benefits for Nvidia’s new Ampere architecture, The Fly reports.
At last check, Nvidia’s market cap totaled $248 billion, compared to $246 billion for Intel.
Nvidia shares were recently trading up 0.2% at $402.91. The shares have soared 70% year to date.
Wall Street analysts see a lot to like in Nvidia.
Last month, Susquehanna analyst Christopher Rolland raised his price target for Nvidia shares to $450 from $420.
He told clients in a note that he sees Mellanox, which Nvidia acquired earlier this year, growing at a double-digit rate over the next three to five years. He estimated that Mellanox could add $30 billion to Nvidia's market cap.
In its first-quarter-earnings release, Nvidia reported a combination of tailwinds that drove a sizable earnings and revenue beat, despite the coronavirus pandemic.
Nvidia's data-center segment rose 80% year-over-year and topped $1 billion in sales for the first time in the first quarter.
The company's extensive footprint in gaming was also a boon in that period, which was the first that overlapped with the covid-19 pandemic.