The consensus price target for chip giant Nvidia (NASDAQ:NVDA) continues to move higher today. A flurry of upgrades continues to propel the stock higher (or chase the stock, depending on the analyst), but one key upgrade today is turning heads. Rosenblatt Securities just raised its price target to a Street high $200 per share, signaling NVDA stock could have much more room to run.

With shares of NVDA stock surging to nearly $135 per share in today’s session, the high-performance chipmaker briefly became the world’s largest company. That’s an incredible move and one that’s worthy of consideration.

But a $200 per share price target implies there’s plenty of upside left. At $200 per share, Nvidia would be valued at nearly $5 billion. Let’s dive into this call, what’s driving it, and what investors may want to make of this projection.

NVDA Stock Surges as Analysts Grow Increasingly Bullish

Any sort of price target raised to a level that’s roughly 50% above where a given stock is trading is notable. This upgrade appears connected to some of the chipmaker’s most notable and obvious catalysts. Rosenblatt’s upgrade sees Nvidia’s new Blackwell, Rubin and Hopper series chips driving more market share in the high-computing market. This is the high-margin area of the market Nvidia has pursued and is one most investors are watching closely.

If the company is successful in growing its market share, as analysts believe, it’s possible that $5 in earnings per share could be possible by the end of 2026. At a $200 price target, this would value the company at roughly 40 times earnings, or roughly half its current trailing multiple.

Of course, plenty needs to go right for these projections to hold. And it’s unclear whether the artificial intelligence (AI) tailwinds supporting Nvidia’s recent outperformance are sustainable and how much demand has been pulled forward.

But for now, there’s a reason so many analysts are jumping to one side of this ship. NVDA is a stock that the market just wants more of. Until that changes, it appears the party is on for this top chipmaker.

On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.