AMD Shares Dips 4% as BofA Cuts Price Target, Citing PC Market Headwinds
Shares of Advanced Micro Devices (AMD, Financial) dipped 4% on Monday after Bank of America downgraded Advanced Micro Devices from Buy to Neutral, citing headwinds in the PC sector into 2025 and challenges in the AI accelerator market. In addition, AMD’s price target was cut to $155 from $180, and the firm’s 2025 and 2026 EPS estimates were also cut by 6% and 8%, respectively, while keeping a 13% to 23% gap versus consensus.
The research note emphasized increasing competitive pressures from NVIDIA (NVDA, Financial) Among custom chipmakers, companies like Marvell Technology (MRVL, Financial), and Broadcom (AVGO, Financial). A key factor is AMD’s limited…
