In this verse bhagavān nāradaḥ indicates that Nārada is always absorbed in thoughts of the Supreme Personality of Godhead (bhagavaty uttama-śloka āviṣṭātmā). Nārada has no other business than thinking of Kṛṣṇa, talking of Kṛṣṇa and preaching about Kṛṣṇa; therefore he is sometimes called bhagavān. Bhagavān means “one who possesses all opulences.” When a person possesses Bhagavān within his heart, he is also sometimes called bhagavān. Śrīla Viśvanātha Cakravartī Ṭhākura said, sākṣād-dharitvena samasta-śāstraiḥ: in every śāstra the spiritual master is accepted directly as the Supreme Personality of Godhead. This does not mean that the spiritual master or a saintly person like Nārada has actually become the Supreme Personality of Godhead, but he is accepted in this way because he possesses the Supreme Personality of Godhead within his heart constantly. As described here (āviṣṭātmā), when one is simply absorbed in the thought of Kṛṣṇa, one is also called bhagavān. Bhagavān possesses all opulence. If one possesses Bhagavān within his heart always, does he not automatically possess all opulence also? In that sense a great devotee like Nārada can be called bhagavān. However, we cannot tolerate when a rascal or imposter is called bhagavān. One must possess either all opulences or the Supreme Personality of Godhead, Bhagavān, who possesses all opulences.