CLSA initiated Nvidia (NVDA) with an Underperform rating and a $115 price target. The stock trades at $115 so the call isn't exactly bearish from that standpoint. One can't really argue with a fundamental call for cashing in Nvidia after the huge gains last year. The stock is worth about 40x '17 estimates so arguing that more gains are warranted is difficult to make, especially as the market cap has ballooned to $61 billion. Bullish analysts have to argue that Nvidia will have $6 earnings power in a few years to warrant a higher stock price here. Regardless, Nvidia is still heading up and to the right so no reason exists to change something that has worked. Now is definitely the time to turn cautious, but not yet the time to sell. Disclosure: No position