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Canaccord lowered its rating from Buy to Hold and reduced its price target from $4.50 to $2.75 on Advanced Micro Devices, Inc. (NYSE: AMD) in a report issued Thursday.
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The rating change came after AMD missed quarterly earnings expectations and released news that it will cut 7 percent of its workforce.
Analyst Matthew D. Ramsay believed that “AMD’s diversification strategy remains on track and could position the company for more defensible long-term growth under new CEO Lisa Su, AMD has not been able to stem the decline of their Computing & Graphics business even amidst a stronger PC backdrop.”
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Ramsay felt “required to wait for tangible signs of core business stability before recommending AMD shares.”
Despite lower costs, Ramsay reduced “2014/15 non-GAAP EPS estimates from $0.14/$0.25 to $0.07/$0.15” and revenue estimates declined “from $5.81B/$5.98B to $5.51B/$5.43B.”
The $2.75 price target was based on shares trading at roughly 18x the 2015 non-GAAP EPS estimate.
Advanced Micro Devices, Inc. recently traded at $2.72, up 3.03 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.