Morgan Stanley Reiterates Rating, Lowers Price Target On Advanced Micro Devices Following Another Tough Quarter

In a report published Wednesday, Morgan Stanley analyst Joseph Moore reiterated an Underweight rating on

, but lowered the price target from $2.50 to $2.25. In the report, Morgan Stanley noted, “AMD had a difficult quarter, with an inventory write down and 1Q revenue guidance 15% below thestreet, given ongoing share loss in PCs (both CPUs and Graphics). They did avoid foundry penalties, a modest positive. We still think the bull case is not that compelling, and maintain our UW rating.” Advanced Micro Devices closed on Tuesday at $2.24.