AMD stock tumbles after Bernstein downgrade

6:57 PM 24 January 2023

AMD (AMD.US) share fell over 3.0% on Tuesday after Bernstein downgraded the chipmaker to market perform from outperform and reduced the price target from $95 to $80 citing continued weakness in the PC market.

  • The Wall Street firms point to deteriorating computer and new parts demand in the inflationary environment.
  • "...In recent months we have been growing more wary of potential PC dynamics, both given the market outlook as well as exacerbated by Intel's semi-destructive behavior as of late as they use both price and capacity as a strategic weapon, continuing to overship even amid broader breakdowns in the industry (it seems to us that Intel has decided that if the channel is going to hold parts, it might as well be their parts)," analyst Stacy Rasgon wrote in a note to clients.
  • According to Market research firm Canalys’ data PC shipments dropped 16% last year and difficult conditions are expected to persist through the second half of 2023.
  • On the other hand, Rasgon noted AMD strength in the server market, following the launch of the Genoa data center product and rising lead over rival Intel (INTC.US), which faces many issues with its Sapphire Rapids chips.

 

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

AMD stock has a moderate buy rating based on 23 analysts rating, with average price target of $83.93 which implies 14% upward potential

AMD (AMD.US) stock is trading over 55.0% below its November 2021 high. Currently the price is approaching a crucial resistance zone around $80.90, which is marked with 23.6% Fibonacci retracement of the last downward wave, 200 SMA ( red line) and long-term downward trendline. As long as price sits below this level, the main sentiment remains bearish. Source: xStation5 

Share:
Back
Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language