1. Nvidia is downgraded from Strong Buy to Buy due to AI infrastructure slowdown, margin pressures, and rising competition; 2. Despite strong Q1 results (33% EPS growth, 69% YoY revenue increase), future growth may decelerate as hyperscalers approach capacity limits; 3. 2025 price target revised down to $165 (from $180), reflecting reduced expectations for revenue and margin expansion.
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