Mizuho analyst Vijay Rakesh downgraded AMD (AMD) to Neutral from Buy while raising his price target for the shares to $37 from $33. The chipmaker closed Wednesday down 25c to $33.60. The analyst continues to like AMD given its “solid” Ryzen/Rome portfolio and new product ramps, but he’s downgrading the shares after a “stellar” 80% rally year-to-date. With the stock at a 10-year high, upside in the second half of 2019 will be more limited, Rakesh tells investors in a research note. This will be due to the PC pull-in that occurred during the first half of 2019, slower Rome ramps in the second half, and pricing pressure from Intel (INTC), contends the analyst. Rakesh says he’d revisit AMD shares at a more attractive entry point since its long-term roadmap “is still intact.”
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