The hottest stock from last year not only got a downgrade on valuation, but also a surprising price target cut. Analysts at BMO cut Nvidia (NVDA) to underperform and cut the price target to $85 from $110. The stock is currently down 7% based on the analyst call. The stock recently hit a double top at $120 and a lengthy pause isn't surprising. Cutting the price target though was shocking as analyst Ambrish Srivastava sees competitive threats from Advanced Micro Devices (AMD) and Intel (INTC) chainging the story. One thing for sure, Nvidia will fall to $85 if this analyst is correct. The stock trades at a forward P/E of 31 and the thesis for paying over $120 was the earnings potential in out years of $6 per share. Not liking the stock at $120, the current chart makes me pause further as well. The momentum is now dead in the stock. Disclosure: No Position