AMD (AMD) PT Lowered to $23 at Baird

Baird analyst Tristan Gerra lowered the price target on AMD (NASDAQ: AMD) to $23.00 (from $25.00) while maintaining a Neutral rating. The firm is also reducing estimates to adjust for Semi Custom/GPU trends.

Gerra commented, "No change regarding EPYC, which represents AMD's key growth driver for 2019, along with 7nm refreshes, offset by an estimated 40% of revenue headwinds (Semi Custom, GPUs). Asia supply chain checks suggest graphic cards inventory levels are near six months in China industrywide and three months at graphic card resellers, twice the normal levels, suggesting channel inventory deleveraging may drag into 1H19. Easy comps should drive a resumption of double-digit growth in revenue for 2020."

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