AMD price target lowered at Baird as analyst cites high inventory levels [MarketWatch]
Advanced Micro Devices, Inc. (AMD)
Last advanced micro devices, inc. earnings: 4/28 04:25 pm
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Source: MarketWatch
AMD price target lowered at Baird as analyst cites high inventory levels Baird analyst Tristan Gerra lowered his price target on shares of Advanced Micro Devices Inc. AMD, +1.12% to $23 from $25 on Thursday. He maintained a neutral rating on the stock, which is up 1.1% in premarket trading. "Asia supply chain checks suggest graphic cards inventory levels are near six months in China industrywide and three months at graphic card resellers, twice the normal levels, suggesting channel inventory deleveraging may drag into 1H19," Gerra wrote. He expects the company to return to double-digit revenue growth in 2020 given his projections for easy comparisons. Gerra is still upbeat about AMD's 7-nanometer prospects and the company's ability to gain share in CPUs and GPUs. AMD shares are up 99% so far this year, while the S&P 500 SPX, +0.35% has dropped 0.8%. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
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