Advanced Micro Devices, Inc. (NASDAQ:AMD) shares slumped in premarket trading on Wednesday as investors reacted negatively to the chipmaker’s fourth-quarter results.
Mixed Quarter: AMD ‘s fourth-quarter earnings and revenue came in line with expectations, while its first-quarter revenue guidance trailed estimates of some analysts. Traders, who bid up the stock ahead of the earnings week, apparently were looking to dump them.
Unfazed by the soft guidance, an analyst at KeyBanc Capital Markets maintained an Overweight rating on AMD shares and upped the price target from $195 to $270. The upward revision came as the firm rolled ...