Nvidia's stock has struggled in 2026 despite being a market leader, but analyst Keithen Drury predicts a major turnaround. The company's shares currently trade around $185, but Drury forecasts they could reach $309.60 by year-end based on projected earnings growth and multiple expansion.

Several catalysts could drive this rally, including massive AI infrastructure spending. Major tech companies like Amazon ($200 billion), Alphabet ($175-185 billion), and Meta Platforms ($115-135 billion) are expected to pour capital into AI development in 2026. Additionally, Nvidia recently regained access to the Chinese market after export restrictions were eased, though with new tax implications.

Wall Street projects Nvidia's earnings per share will jump from $4.69 to $7.74 in fiscal 2027, with revenue growth accelerating to 65%. Using a conservative 40x price-to-earnings multiple on the projected $7.74 EPS, Drury arrives at his $309.60 target. This represents a potential 67% upside from current levels, assuming Nvidia meets or exceeds analyst expectations as it has historically done.