NVIDIA Corporation (NASDAQ:NVDA) released its fiscal 2017 second quarter results yesterday, which surpassed Street expectations, primarily driven by by strong Pascal GPU demand and rapid growth in deep learning datacenter GPU sales to key customers including Facebook, Amazon, Microsoft, Baidu, and Alibaba. The graphics chip maker also issued strong October 2016 guidance, with management guiding revenue to $1.68B compared to consensus estimates at $1.45B.

However, Brean Capital analyst Mike Burton is staying sidelined, reiterating a Hold rating on Nvidia stock.

Burton noted, “While we are positive on NVDA’s long-term prospects, we remain on the sidelines at current levels given the high multiple relative to its peers and some concern about NVDA’s margins, which seem to have peaked as it is guiding non-GAAP margins flattish sequentially in the October quarter despite the higher revenues. In addition, given the shares’ big run up into the quarter, NVDA is trading near its peak earnings multiple from the last 2 years. We adjust our fair value range to $48-$67.”

As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks.com, Mike Burton is a top-ranked analyst with a yearly average return of 15.1% and a 70% success rate. Burton has a -0.2% average return when recommending NVDA, and is ranked #67 out of 4110 analysts.

Out of the 29 analysts polled by TipRanks, 17 rate Nvidia stock a Buy, 10 rate the stock a Hold and 2 recommend a Sell. With a downside potential of 15%, the stock’s consensus target price stands at $52.25.