NVDA - Why did Advanced Micro Devices stock drop today? Blame Barclays' downgrade

Advanced Micro Devices (NASDAQ:AMD) shares fell on Thursday after Barclays downgraded the semiconductor company on concerns over the company's 2023 performance, citing "elevated levels" of growth in several of the company's end-markets. Analyst Blayne Curtis lowered his rating on AMD to equal weight from overweight and cut the price target to $115 from $148, noting that even though revenue is still likely to grow 31% this year, concerns that growth rates in PCs, gaming and anything associated with the Xilinx acquisition could cool next year. "We don't have a smoking gun pointing to a correction underway in any of these markets, but it's very clear to us that all 3 segments are running at elevated levels," Curtis wrote in a note to clients. Advanced Micro Devices (AMD) shares dropped sharply on Thursday, losing nearly 8% to $110.01 on heavy volume. Curtis also pointed that AMD's growth trajectory coming out of this "potential

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Why did Advanced Micro Devices stock drop today? Blame Barclays' downgrade