- Barclays analyst Blayne Curtis downgraded Advanced Micro Devices Inc AMD to Equal Weight from Overweight with a price target of $115, down from $148 (3.54% downside).
- The company's growth story needs a pause with cyclical risks looming in 2023, admitted Curtis.
- AMD remains positioned to gain market share in both the client and server markets this year, but cyclical risk across several end markets will come in 2023.
- He believes all three segments are running at elevated levels, which pauses the risk to AMD's growth trajectory.
- AMD's Q4 results exceeded expectations on every metric, with solid data center revenues and server and gaming processor sales.
- AMD issued upbeat forecasts for the March quarter and FY22 amid the ramp of existing products and the launch of next-gen products planned for the year.
- Investors continue to watch U.S. economic data, Russia-Ukraine developments, and the Fed rate hike outlook.
- A worse-than-expected U.S. GDP data and a rebound in oil prices have also weighed on market sentiment.
- Price Action: AMD shares traded lower by 1.97% at $116.67 in the premarket on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.