AMD Analyst Slashes Price Target By 32% On Dismal Q3 Numbers - Advanced Micro Devices (NASDAQ:AMD)


  • Citigroup analyst Christopher Danely maintained Advanced Micro Devices, Inc AMD with a Neutral, cut the price target from $96 to $65, and lowered his estimates.
  • AMD negatively pre-announced its Q3 results significantly below guidance due to a weaker-than-expected PC market and inventory correction
  • The new guidance was well below even his consensus estimates, as the PC correction is catching up to AMD, which is why he has a Neutral rating until we believe estimates have been mostly de-risked.
  • He expects another leg down in the PC processor business and a correction in AMD’s data center business. 
  • “However, if that happens, we could become more positive on the stock as we expect the company to continue to gain share over Intel for years,” he noted.
  • Price Action: AMD shares traded lower by 1.03% at $57.83 on the last check Monday.
  • Photo by cebbi from Pixabay


Image and article originally from Read the original article here.