The AMD stock forecast plummeted early on Friday as the firm warned that sales for the third quarter would be more than $1 billion lower than expected. Wall Street has started to make its voice heard.
The semiconductor manufacturer reported that it expects to fall short of its revenue projection for the third quarter, citing a decrease in demand for personal computers. The business reported that it anticipates sales of $5.6 billion for the third quarter , a decrease from its earlier prediction of $6.7 billion plus or minus $200 million.
According to a statement released by the chipmaker’s chief executive , Lisa Su, the personal computer market “seriously declined” during the quarter. “While our product portfolio continues to be extremely robust, macroeconomic factors generated lower-than-expected PC demand and a major inventory adjustment across the PC supply chain,” she continued. “While our product portfolio continues to be very strong.”
AMD Stock Forecast Today
John Vinh, an analyst at KeyBanc Capital Markets, decreased his price objective on the shares from $130 to $100 but kept his Overweight rating on the shares. He did this with an eye on the long term. “While these results are disappointing, we are maintaining our Overweight position in Advanced Micro Devices Inc ( NASDAQ:AMD ) since we continue to predict outsized growth over the long term,” he added. “This growth will be powered by secular growth as well as share gains in the data center.”
The price objective that Piper Sandler analysts have set has been reduced to $90 from $140. “We feel that, m...
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