AMD stock price was trading at $62.28 as of 10:32 AM EDT.
When the semiconductor manufacturer Advanced Micro Devices ( NASDAQ:AMD ) released preliminary third-quarter sales statistics on Friday, it saw a more than 5% decline. The majority of analysts did not find the miss surprising, but others questioned if the slump in the semiconductor business would worsen .
AMD ( NASDAQ:AMD ) analyst Vivek Arya of Bank of America noted that the shortfall was “nearly exclusively” attributable to the PC segment but that a “barely inline” data center segment signaled weakness in the business. Arya has a buy rating and a $90 price target on AMD.
AMD Q4 earnings outlook
In a note to clients, Arya stated, “AMD did not update its Q4 outlook, but we expect trends to remain sluggish and model sales to decrease more [quarter-over-quarter] on Client weakness.
The analyst lowered the firm’s estimates for 2022 and 2023 earnings per share to $3.32 and $4.02, respectively, but maintained the buy rating due to Intel’s (INTC) ongoing share price growth and the stock’s attractive valuation, which is currently trading at 16 times 2023 earnings estimates, or close to the low end of its historical range.
AMD stock price: expert analysis
William Stein of Truist, who rate...
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