- Competitor downgrade on 2023 cyclical issues, potential consumer weakness in PCs and mobile, and a possible price war with Intel Corp INTC drove Advanced Micro Devices Inc AMD shares' weakness, Rosenblatt analyst Hans Mosesmann said.
- Barclays recently downgraded the rating on AMD, citing looming cyclical risks in 2023 across several end markets.
- However, Mosesmann contends that AMD is not in jeopardy of missing its 30% year-over-year sales growth target for 2022.
- He expects AMD to gain significant data center market share.
- The analyst considers the weakness a buying opportunity and keeps a Buy rating on AMD shares.
- Price Action: AMD shares traded higher by 0.82% at $110.24 in the premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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