When analyst Gil Luria from D.A Davidson talks about Nvidia stock (NASDAQ: NVDA), Wall Street pays close attention. The reasoning is that the Managing Director and Head of Technology Research at the firm has been the most bearish analyst of NVDA. For a long time, he had given it a ‘hold’ or ‘sell’ rating, warning that the GPU maker’s capex could eventually cool down.

The analyst who was famous for his bearish stance on Nvidia stock has now taken a U-turn with a bullish price prediction. This has taken Wall Street by surprise, as he historically remains one of NVDA’s biggest, most outspoken bears. Luria is going bullish on the GPU maker, which shows that the company has turned the tide in its favor.

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What Is Gil Luria’s Price Prediction on Nvidia Stock?

Nvidia bear-turned-bull Gil Luria has predicted that the stock could reach a high of $300. He gave it a ‘buy’ rating after years of being skeptical of the tech titan. He wrote in a note to clients that the semiconductor industry is facing extreme shortages in advanced packaging and specialized high-bandwidth memory (HBM). Gil Luria explained that Nvidia has anticipated these demand patterns to its benefit by securing exclusive long-term supply agreements. It has already received advance payments from memory suppliers like SK Hynix and Micron.

“Nvidia understood the demand patterns first, which is why it is adapting to memory shortages,” wrote Gil Luria. According to him, the company is now ahead of the curve compared to its competitors. All of these developments led to the bullish case for Nvidia stock from the most bearish analyst. NVDA opened Tuesday’s bell at the $225 level, after spiking more than 13% in a month. He estimates NVDA to rise by 33.3% and hit the target of $300.

If Gil Luria’s most bullish price prediction on Nvidia stock turns out to be accurate, traders can expect a growth rate of more than 33%. Therefore, an investment of $1,000 could turn into $1,300+ if the estimates reach the target. That’s phenomenal returns, as the potential to earn double-digit profits does not come often in the markets.