Shares of NVIDIA (NASDAQ: NVDA) are headed to new all-time highs. So says BMO Capital analyst Ambrish Srivastava. On Tuesday, he lifted his price forecast on the tech titan's stock from $565 to $650. His new target represents potential gains to shareholders of 16% from NVIDIA's current share price near $560. Srivastava says NVIDIA's stock remains a buy as its pace of innovation goes into "overdrive." He posits that the chipmaker's new product launches will help to significantly expand its long-term market opportunity. BMO Capital analyst Ambrish Srivastava sees more upside ahead for NVIDIA's shareowners. Image source: Getty Images. NVIDIA, for its part, pegs its total addressable market at more than $100 billion. With large and growing opportunities in areas such as gaming, healthcare, and edge-computing platforms, the semiconductor leader has tremendous room for expansion still ahead. Wall Street expects NVIDIA to grow its earnings per share by more than 17% annually over the next five years. At Srivastava's $650 target price, NVIDIA's shares would trade for roughly 59 times its projected earnings in fiscal 2022. That's a bit rich but certainly not unachievable, particularly in the current low-interest rate environment that's driving many investors to seek out higher returns in high-growth stocks. Thus, Srivastava's $650 price forecast seems reasonable -- and he's likely correct that NVIDIA's stock is a solid buy today. Find out why NVIDIA is one of the 10 best stocks to buy now Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* Tom and David just revealed their ten top stock picks for investors to buy right now. NVIDIA is on the list -- but there are nine others you may be overlooking. Click here to get access to the full list! *Stock Advisor returns as of September 24, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NVIDIA. The Motley Fool has a disclosure policy.Source