Nvidia shares haven't been making much progress lately. But things could be about to change for the chip maker according to analysts at Tigress Financial Partners, who project the stock could nearly double in the next year.

Nvidia has been stuck in a monthslong pattern of range-bound trading as enthusiasm for the artificial-intelligence trade in general wanes. But at the same time it is getting cheaper and cheaper.

Nvidia now trades at less than 22 times its projected earnings over the next 12 months, according to FactSet. That's basically in line with the wider S&P 500, despite Nvidia's earnings being forecast to grow 69% over the period, far ahead of the average rate.

Ivan Feinseth of Tigress Financial thinks the fallow period for Nvidia can't last, raising his 12-month target price on the stock to $360 from $350 in a research note on Thursday, reiterating a Strong Buy rating.

It's a big call -- Nvidia stock currently trades at around $183 and the company has a market value of $4.46 trillion. Feinseth's target suggests the company could be worth close to $9 trillion next year. It is the highest target price on Nvidia stock of all Wall Street analysts tracked by FactSet, with the average sitting at $267.69.

"Aggregate capital investment for 2026 from leading hyperscalers and cloud providers is running over $650 billion, with Nvidia receiving a significant share of that," Feinseth wrote. "Nvidia's growth is leveraged into a massive, long--duration AI and accelerated--computing opportunity, driven by $3-4 trillion in AI infrastructure spend by 2030."

Concretely, Feinseth expects that Nvidia can generate $405.55 billion in revenue over the next 12 months and $290.78 billion in earnings before interest, taxes, depreciation and restructuring costs (EBITDAR), or $200.98 billion in posttax net operating profit.

Feinseth arrives at his outlier price target by applying a multiple of 30 times to his forecast for Nvidia's EBITDAR over the next 12 months, and 44 times for his forecast for its posttax net operating profit.

For the stock to get moving again, the wider market will likely need to decisively shift its view on big technology stocks in general, which have been out of favor recently, as well as the competitive threat posed by the likes of Broadcom and Advanced Micro Devices.

The next likely catalyst for Nvidia is its GTC conference, being held from March 16-19. The chip maker will likely need to show off some significant hardware innovations if the most optimistic projections for the stock are to come true.