UPDATE: Citigroup Lowers PT on Advanced Micro Devices on Negative Outlook

In a report published Friday, Citigroup analyst Glen Yeung reiterated a Neutral rating on

, but lowered the price target from $5.00 to $4.50. In the report, Citigroup noted, “While AMD's revenue and EPS results/guidance were above consensus, investors are unlikely to be impressed, presumably because a more substantial beat was expected in light of AMD's new gaming momentum. Indeed, AMD's graphics revenues (including gaming) grew 110% q/q, reaching a record proportion of sales (46%). But with PC revenues down an estimated 7.6% (vs. Intel up 3.5%), AMD lost 80bps of PC related market share, offsetting gaming. With momentum now seasonally slowing, we find little reason to become excited about AMD at this time.” Advanced Micro Devices closed on Thursday at $4.09.