Nvidia’s crazy valuation isn’t so crazy when you think about self-driving cars (NVDA)

An autonomous-driving Lincoln MKZ equipped with Nvidia technology gives demonstration rides during the 2017 CES in Las Vegas, Nevada, U.S., January 5, 2017. REUTERS/Steve Marcus

Nvidia is crazy expensive compared to its semiconductor peers, and the stock may be worth the stretched price thanks to autonomous vehicles, Cowen says.

The firm launched coverage on Nvidia this week, giving the chipmaker a $325 price target and “outperform” rating. That’s about 31% above where shares were trading Friday afternoon.

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