Shares of Advanced Micro Devices plunged nearly 6% after Barclays’ downgrade to equal-weight from overweight, according to a report by MarketWatch on Thursday.
- Barclays cut the price target for AMD stock to $115 from $148. Intel was held at underweight, with a price target of $45.
- Blayne Curtis, a leading analyst at Barclays, stated that AMD is positioned well to gain market share this year in client and server segments, but there are cyclical risks across the end markets for 2023.
Curtis further stated that there is no clear indicator of a possible correction underway in these markets, but there is a clear sign that all three segments are running at heightened levels. AMD: NASDAQ is down 6.28%