Advanced Micro Devices ( NASDAQ:AMD )
When Northland Capital Markets analyst Gus Richard downgraded the chipmaker’s stock a day before it announced its third-quarter financial results , AMD stock dropped by more than 3%.
Richard revised his outlook on Advanced Micro Devices ( NASDAQ:AMD ) stock, changing it from outperform to market perform and setting his price objective for the stock at $60 per share before the market opened. Richard said, “The tide is turning” for Advanced Micro Devices ( NASDAQ:AMD ). He mentioned reasons such as a gradual recovery in demand from China and increased competition as among the challenges AMD would face in the next years.
Richard predicted that the market share for ARM’s central processing units (CPUs) would continue to expand, “, particularly in China.” He also predicted that Intel would likely have better access to transistors in desktop CPUs the following year and that sales of laptops and servers would improve in 2024.
In China, what Richard referred to as “indigenous demand” has shrunk significantly, and the demand for servers has slowed to the point that there are several problems confronting AMD in the Chinese market.
“Is it due to a failing economy, an inventory correction, Covid lockdowns, or market share gains by ARM?” “Is it due to a weakening economy, an inventory correction, or Covid lockdowns?” A study notes that Richard wrote included a discussion of his demotion.
In addition, Richard stated that the chip market is simply dealing with t...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube