New Street Research Reiterates Sell Rating on AMD (AMD), 'With the console cycle also slowing, expectations are at risk'
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New Street Research analyst Pierre Ferragu reiterated a Sell rating and $80.00 price target on AMD (NASDAQ: AMD).
The analyst comments "AMD has won the right to be a sustainable challenger to Intel but should see market share momentum plateauing this year in PCs and in 2024 in servers. With the console cycle also slowing, expectations are at risk. The stock is down 39% from November peak, vs. 27% for the Soxx. We see some additional downside risk as momentum slows. Roll forward valuation to 2024, and raise target price to $80 (15x 2024 EPS of $5.2). Maintain sell rating."
Shares of AMD closed at $99.29 yesterday.
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