Nvidia Downgraded To Hold As Earnings Fail To Push Price Higher

Nvidia is downgraded to hold as rapid price gains appear exhausted and market expectations are extremely high. Despite strong Q1 FY27 results with 85% revenue growth and 100%+ EPS growth, NVDA's muted stock reaction suggests a high bar for further upside. Potential delays in US data center buildouts threaten consensus earnings growth forecasts for FY27 and FY28. At 21x forward P/E, NVDA appears cheap if growth materializes, but execution risks from infrastructure bottlenecks warrant caution.