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Canaccord Genuity boosted its price target on semiconductor giant Nvidia's (NVDA) - Get NVIDIA Corporation Report stock to $180 from $155, while reiterating its "Buy" rating.

Shares of Nvidia were lower during mid-morning trading on Monday.

Canaccord analyst Matthew Ramsay noted that his bullish thesis is predicated on Nvidia's accelerated growth in graphics processing unit (GPU) computing. Nvidia's "emergence" in the race for GPUs has now "cemented" it as a dominant player in the space, Ramsay argued.

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Additionally, he remains "very impressed" with the speed at which Nvidia has "segmented the product roadmap to provide more application-specific silicon to both the quickly evolving datacenter and automotive market."

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