Shares of Advanced Micro Devices will trade range-bound until investors gain renewed optimism about the company's future growth trajectory, Goldman Sachs wrote.
A rising competitive landscape is set to weigh on Advanced Micro Devices down even more, according to Goldman Sachs. The bank downgraded the semiconductor stock to neutral from buy, also cutting its 12-month price target to $129 from $175. This updated forecast represents a less than 6% upside for shares of AMD. Shares of AMD shed 18% in 2024 and have added less than 1% this year.
on Wednesday double downgraded the chipmaker to reduce from buy, also citing strong competition. "We see additional downside as we now believe its AI GPU roadmap is less competitive than we previously thought," analyst Frank Lee wrote. To be sure, most analysts remain bullish on AMD. Of the 54 analysts who cover the stock, 42 rate it as a buy or a strong buy. The average analyst price target implies upside of 47.8%.
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