Despite its 120% surge so far in 2020, NVIDIA (NASDAQ: NVDA) is poised to deliver even more gains to investors in the months ahead. So says Needham analyst Rajvindra Gill. On Tuesday, he reiterated his buy rating on NVIDIA's stock and boosted his price forecast from $600 to $700. That's about 35% higher than its current price near $517. Analysts are growing increasingly bullish on NVIDIA's shares. Image source: Getty Images. Gill applauded the graphics-card maker's $40 billion deal to acquire fellow chipmaker ARM Holdings from Japanese conglomerate Softbank, which he says will bolster its artificial intelligence capabilities. "Strategically, we believe the Nvidia-Arm combination will create the leading AI computing platform in the semiconductor industry," Gill said. In turn, Gill estimates that acquiring ARM could increase NVIDIA's annual earnings per share by as much as $1.65 by 2022. Will NVIDIA's stock price hit $700? The merger with ARM will face intense regulatory scrutiny, so there can currently be no assurances that it will be completed. But if it does receive regulatory approval, NVIDIA's combination with ARM would be a game changer for the tech industry. Pairing NVIDIA's AI and graphics processing technology with ARM's central processing unit designs and vast device ecosystem would position the combined company as a leader in cloud computing, 5G communications, the internet of things, and a host of other high-growth markets. Moreover, NVIDIA said it expects the merger to be immediately accretive to its profits upon closing, so Gill's EPS estimates seem reasonable. Adding $1.65 to Wall Street's current earnings projections for NVIDIA would equate to $12.67 in EPS in 2022. At $700 per share, the tech titan would trade for about 55 times those earnings estimates. While rich, that valuation is certainly achievable, considering that NVIDIA currently trades for 57 times forward earnings projections for 2021. 10 stocks we like better than NVIDIAWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and NVIDIA wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NVIDIA. The Motley Fool recommends Softbank Group. The Motley Fool has a disclosure policy.Source