Key Takeaways From Barclays' AMD Downgrade

Barclays analyst Blayne Curtis downgraded Advanced Micro Devices Inc AMD to Equal Weight from Overweight with a price target of $115, down from $148 (3.54% downside).
The company's growth story needs a pause with cyclical risks looming in 2023, admitted Curtis.
AMD remains positioned to gain market share in both the client and server markets this year, but cyclical risk across several end markets will come in 2023.
He believes all three segments are running at elevated levels, which pauses the risk to AMD's growth trajectory.
AMD's Q4 results exceeded expectations on every metric, with solid data center revenues and server and gaming processor sales.
AMD issued upbeat forecasts for the March quarter and FY22 amid the ramp of existing products and the launch of next-gen products planned for the year.
Investors continue to watch U.S. economic data, Russia-Ukraine developments, and the Fed rate hike outlook.
A worse-than-expected U.S. GDP data and a rebound in oil prices have also weighed on market sentiment.
Price Action: AMD shares traded lower by 1.97% at $116.67 in the premarket on the last check Thursday.