Although Nvidia stock hit a new record high recently, an analyst has maintained that the equity remains ‘undervalued'.

Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish. Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a meteoric rise over the past year.

Nvidia (NVDA) closed at a record high Monday as Wall Street anticipates Big Tech’s earnings report in November.