The recent selloff in Nvidia shares presents an attractive opportunity for investors, according to Bank of America. The bank reiterated its top sector pick and maintained its buy recommendation. Nvidia shares have soared 114% this year but have fallen about 14% in the past quarter as investors shifted from the fast-growing tech sector to smaller, more defensive stocks. Antitrust concerns have accelerated the decline in recent days. Bank of America analyst Vivek Arya’s $165 price target is about 55% higher than the stock’s closing price of $106.21 on Wednesday. NVDA YTD Mountain NVDA YTD Chart “While market forces may exacerbate near-term share price volatility, we believe NVDA remains attractively valued at 27x CY25/FY26E consensus PE (or roughly 20x PE even at higher CY25 prices of $5+ per share). Over the past five years, NVDA has traded at PEs in the mid-20s to mid-60s, with the current multiple in the bottom quartile, reflecting (near-term) concerns,” he wrote. A key catalyst for the stock could come in the form of a supply chain data point confirming Nvidia’s new Blackwell chips are ready to ship, Arya wrote. He added that long-term growth opportunities for the stock include gaming and data center demand. Nvidia is under a potential antitrust investigation, but Arya said it’s difficult to envision any specific material impacts until more details are released. Nvidia on Wednesday denied reports that it had received an antitrust subpoena from the U.S. Department of Justice. — CNBC’s Michael Bloom contributed to this report.