While AMD (AMD) reported better than expected third quarter earnings and revenue yesterday, the chipmaker’s shares are sliding amid rising concerns over profits and cryptocurrency demand. Commenting on the results, research firms Jefferies and Craig-Hallum recommended buying the stock on weakness, while Barclays and Goldman Sachs reiterated sell-equivalent ratings on the name. RESULTS: Last night, AMD reported third quarter earnings per share of 10c and revenue of $1.64B, both above consensus of 8c and $1.51B, respectively. For the fourth quarter, the chipmaker expects revenue to decrease approximately 15% sequentially, plus or minus 3%. The midpoint of guidance would result in fourth quarter revenue increasing approximately 26% year-over-year. Additionally, AMD said it now expects annual 2017 revenue to increase by greater than 20%, compared to prior guidance of growth in a mid-to-high teens percentage. BUY ON WEAKNESS: In a research note to investors this morning, Jefferies analyst Mark Lipacis said he views the post-earnings pullback in shares of AMD as a buying opportunity. The analyst noted that the selloff seems to be due to guidance calling for flat gross margin in the fourth quarter and concerns over cryptocurrency revenue. Nonetheless, Lipacis argued that gross margins should increase 160 basis points ex-licensing in the fourth quarter, and Vega gaming GPU growth should trump any crypto decline, should there be any. He reiterated a Buy rating and a $19 price target on the shares. Voicing a similar opinion, his peer at Craig-Hallum also said he would use the weakness as a buying opportunity. Analyst Christian Schwab pointed out that the selloff may be due to a lack of clarity regarding the impact of an IP licensing agreement signed during the quarter and conservative fourth quarter guidance, while reminding investors that a similar price action occurred following the third quarter a year ago. He reiterated a Buy rating and $19 price target on the shares. SELL AMD: Still bearish on AMD, Goldman Sachs analyst Toshiya Hari acknowledged that AMD reported third quarter results above consensus, but noted that the chipmaker disappointed with its fourth quarter outlook. The analyst told investors that he believes the bull-case thesis is reflected in valuation and views current risk/reward as unfavorable. Hari reiterated a Sell rating on the shares and kept his $11.40 price target, which implies 20% downside. Meanwhile, his peer at Barclays also said in a research note of his own that AMD guided only in line as Ryzen gains were lackluster and crypto strength was offset by higher spending. While analyst Blayne Curtis believes crypto “still has legs” into 2018, he noted that GPUs are starting to cool with market prices falling as supply catches up. Challenges are starting to emerge, Curtis contended, adding that while Epyc hopes linger, there was nothing this quarter that changes his view. He reiterated an Underweight rating and $10 price target on AMD shares. PRICE ACTION: In afternoon trading, shares of AMD have dropped almost 12% to $12.57.