Benzinga - Advanced Micro Devices Inc. shares are giving back some of their Monday's gains achieved on the back of a positive analyst action.
What Happened: In premarket trading, the stock shed 2.33% to $74.75, according to Benzinga Pro data.
Bernstein analyst Stacy Rasgon downgraded AMD shares from Outperform to Market Perform and reduced the price target from $95 to $80. This is an about-face from nearly a year ago when the firm upgraded the stock, citing the company’s growing market share and strong portfolio of computer chips as well as the stock’s relatively cheap valuation.
Rasgon's downgraded opinion comes amid a deterioration in the PC market. Market research firm Canalys’ survey showed PC shipments fell 16% in 2022. The firm also warned of challenging conditions to persist through the second half of 2023.
On Monday, AMD rallied 9.22%, capitalizing on Barclays’ upgrade of the shares from Equal-Weight to Overweight and increasing the price target from $70 to $85. The firm premised its optimism on AMD’s lead over rival Intel Corp. (NASDAQ: INTC) in the server market following the launch of the Genoa data center product.
Latest Ratings for AMD
Feb 2022 | Bernstein | Upgrades | Market Perform | Outperform |
Feb 2022 | Daiwa Capital | Upgrades | Outperform | Buy |
Feb 2022 | Mizuho | Maintains | Buy |
View the Latest Analyst Ratings
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