BofA picks Nvidia, Meta, Snowflake, Dynatrace, SanDisk

Bank of America identified Nvidia, Meta Platforms, Snowflake, Dynatrace and SanDisk as its top technology picks for the second half of the year, pointing to continued artificial intelligence adoption and enterprise software trends as the primary drivers of performance.

The bank kept buy ratings on all five names. For Nvidia, it maintained a $350 price target based on a 26x 2027 estimated price-to-earnings ratio excluding cash, a level the firm says sits within the company’s historical forward PE range. The note highlighted Nvidia’s leading share in fast-growing AI compute and networking markets and added that demand for its processors continues to outpace supply. The bank also flagged variability in global AI projects, a cyclical gaming market and concerns about power access as offsetting factors.

Snowflake retained a buy rating. Bank of America pointed to Snowflake’s early position in cloud data warehousing, native interoperability across major public clouds, the ability to run multiple workloads including data engineering and data science, a large enterprise customer base and growing traction in AI software as advantages that should support adoption as companies scale data and AI projects.

Dynatrace drew stronger conviction after discussions with management. Analyst Koji Ikeda raised his price target to $50 from $48 and described Dynatrace as a “great” idea for the second half, citing expectations that the company will land more strategic deals and increase usage that will lift net-new annual recurring revenue in constant currency. Ikeda added that AI is making it harder for enterprises to deliver secure digital experiences efficiently and that Dynatrace is positioned to address those challenges. Dynatrace shares are down about 4% year to date.

The bank remained bullish on Meta Platforms and recommended buying the dip after the stock’s roughly 13% decline this year. Analyst Justin Post emphasized Meta’s rollout of an AI-powered search feature as a potential growth opportunity if the company can drive user adoption. Post also listed upcoming catalysts, including consumer agentic products, improvements in large language models, the company’s Connect conference in September and details about an enterprise AI strategy.

SanDisk kept its buy rating after management discussions reinforced confidence in a shift toward multiyear supply agreements and new business models intended to reduce revenue cyclicality and improve financial visibility. Bank of America raised its price target on SanDisk to $2,100 from $1,550, citing valuation, a joint-venture partnership, share gains and potential for industry consolidation. SanDisk shares have risen more than 800% this year.

Bank of America framed these selections as reflective of where customers are allocating capital as AI investments expand and software vendors add AI features across enterprise stacks. The recommendations arrive as investors evaluate companies positioned to benefit directly from AI infrastructure spending and indirectly through software and services that use AI capabilities.