UPDATE: Barclays Downgrades AMD (AMD) to Equalweight
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Barclays analyst Blayne Curtis downgraded AMD (NASDAQ: AMD) from Overweight to Equalweight with a price target of $115.00 (from $148.00).
The analyst comments "MD still looks positioned to gain share this year in both the client and server markets, and while we do see upside to the 31% growth target this year, where we have an issue is for 2023, as we see cyclical risk across several end markets (PC, Gaming, and broad-based/XLNX). We don’t have a smoking gun pointing to a correction underway in any of these markets, but it’s very clear to us that all 3 segments are running at elevated levels as we show in the charts below. The core issue here is what will be AMD’s growth trajectory coming out of this potential correction and the answer to this will be just how competitive INTC and ARM will be in 2024/25. We would rather move to the sidelines until we have better clarity as to the magnitude of these corrections and what the competitive landscape will look like as INTC catches up and ARM takes more share. PT moves to $115."
Shares of AMD closed at $119.22 yesterday.
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