- Citigroup Analyst Christopher Danely claimed Advanced Micro Devices, Inc AMD with a neutral stance lower the target price to $65 from $96 and lowered its estimates.
- AMD previously announced its Q3 results on the downside due to a weaker than expected PC market and inventory correction.
- The new guidance was well below his consensus estimates as the PC fix catches up with AMD, giving him a neutral rating until we believe the estimates have been mostly de-risked.
- He expects a further decline in the PC processor business and a correction in AMD’s data center business.
- “If that happens, however, we might be more bullish on the stock as we expect the company to continue to gain shares in Intel for years to come,” he noted.
- Price promotion: AMD shares traded 1.03% lower at $57.83 on the latest check Monday.
- Photo by cebbi from Pixabay
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