AMD Analyst Slashes Price Target By 32% On Dismal Q3 Numbers - Advanced Micro Devices (NASDAQ:AMD)

Citigroup analyst Christopher Danely maintained Advanced Micro Devices, Inc AMD with a Neutral, cut the price target from $96 to $65, and lowered his estimates.
AMD negatively pre-announced its Q3 results significantly below guidance due to a weaker-than-expected PC market and inventory correction.
The new guidance was well below even his consensus estimates, as the PC correction is catching up to AMD, which is why he has a Neutral rating until we believe estimates have been mostly de-risked.
He expects another leg down in the PC processor business and a correction in AMD's data center business.
"However, if that happens, we could become more positive on the stock as we expect the company to continue to gain share over Intel for years," he noted.
Price Action: AMD shares traded lower by 1.03% at $57.83 on the last check Monday.
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