AMD Faces Price Target Cuts By Analysts Following Revenue Warning, Shares Tumble

Advanced Micro Devices Inc. AMD shar warned of a revenue shortfall and lowered its gross margin guidance.

The company said its third-quarter revenue will likely come in at $5.6 billion, down from the previous forecast of $6.7 billion, plus or minus $200 million.

AMD shares fell 5.4% to $64.19 in pre-market trading.

These analysts made changes to their price targets on AMD after the company issued revenue warning.

• Keybanc cut price target on AMD from $130 to $100. Keybanc analyst John Vinh maintained an Overweight rating on the stock.
• Piper Sandler lowered AMD’s price target from $140 to $90. Piper Sandler analyst Harsh Kumar maintained the stock with an Overweight.
• Barclays reduced AMD price target from $85 to $68. Barclays analyst Blayne Curtis maintained an Equal-Weight rating on the stock.
• Raymond James cut price target on the stock from $130 to $100. Raymond James analyst Melissa Fairbanks maintained AMD with a Strong Buy.
• Morgan Stanley lowered the price target on the stock from $95 to $86. Morgan Stanley analyst Joseph Moore maintained the stock with an Overweight.
• Benchmark slashed AMD price target from $135 to $95. Benchmark analyst Cody Acree maintained a Buy rating on the stock.
• Truist Securities cut AMD’s price target from $107 to $70. Truist Securities analyst William Stein maintained the stock with a Hold.
• Wells Fargo reduced price target on AMD from $90 to $85. Wells Fargo analyst Aaron Rakers maintained the stock with an Overweight.
• Baird cut AMD’s price target from $100 to $65. Baird analyst Tristan Gerra maintained the stock with a Neutral rating.
• Mizuho reduced AMD price target from $125 to $102. Mizuho analyst Vijay Rakesh maintained a Buy rating on the stock.
• Stifel lowered price target on the stock from $ $122 to $100. Stifel analyst Ruben Roy maintained AMD with a Buy.
• B of A Securities cut the price target on the stock from $100 to $90. B of A Securities analyst Vivek Arya maintained AMD with a Buy.