Jefferies maintains Buy on AMD (NASDAQ: AMD) price target of $19.00.

Analyst Mark Lipacis believes a large driver for the post-report sell-off was rooted in the guidance for flat gross margins in Q4 coupled with concerns related to cryptocurrency revenues. The analyst believes clients should buy the weakness noting potential gross margins ex-licensing to be up in Q4.

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Shares of AMD closed at $14.25 yesterday.