Nvidia has received a downgrade to a 'hold' rating following its Q1 FY27 earnings report, which showcased impressive figures including an 85% revenue growth and over 100% EPS growth. However, the stock's lackluster reaction to these results highlights the elevated expectations set by the market, indicating that further price appreciation may be limited. Analysts are particularly concerned about potential delays in US data center buildouts, which could adversely affect earnings growth forecasts for both FY27 and FY28. Currently, Nvidia's stock trades at a forward price-to-earnings (P/E) ratio of 21x, which may appear attractive if growth materializes. However, risks associated with infrastructure bottlenecks suggest a cautious approach moving forward, leading to a range-bound outlook for the stock. The overall sentiment indicates that while Nvidia has demonstrated strong financial performance, the challenges ahead could limit its stock price movement in the near term.