Why The Advanced Micro Devices Stock Fell 2.39% (AMD)

By Amit Chowdhry ● Jan 24, 2023
  • The stock price of Advanced Micro Devices (AMD) fell by 2.39% today. This is why.

The stock price of Advanced Micro Devices (AMD) fell by 2.39% today.

Why: Research report

Price target: Reduced from $95 to $80

Rating: Downgraded from Outperform to Market Perform

Analyst firm: Bernstein

Bernstein analysts adjusted the rating while citing a harsher PC environment. The analysts said that their belief that AMD would prove relatively more immune to channel degradation proved incorrect. And in recent months, the analysts have been growing warier of potential PC dynamics considering the market outlook – which was also exacerbated by Intel’s semi-destructive behavior lately.

Even though AMD’s multiple is not too aggressive. But the analysts believe it is unlikely to see multiple expansions until investors are able to figure out the bottom.