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AMD Shares Slide After Barclays Downgrade -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Advanced Micro Devices, Inc. shares have tumbled more on Thursday after a downgrade by Barclays.

Analyst Blayne Curtis has downgraded AMD from Overweight to Equal Weight, which lowers the price target from $148 to $115.

Curtis informed investors that their growth story needed a “pause”, as there are cyclical dangers in 2023. 

“AMD still looks positioned to gain share this year in both the client and server markets, and while we do see upside to the 31% growth target this year, where we have an issue is for 2023, as we see cyclical risk across several end markets,” the analyst wrote.

Those end markets include PC, gaming, and broad-based, with the analyst stating that all three segments are “running at elevated levels,” which is a risk to the company’s growth.

AMD shares were down 5% Thursday. This is in addition to Wednesday’s loss of 3%.

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