What's Going On With AMD Stock Today?

Advanced Micro Devices Inc AMD shares are trading higher Wednesday after the company reported third-quarter financial results.

AMD said third-quarter revenue increased 29% year-over-year to $5.57 billion, which missed average analyst estimates of $5.62 billion, according to Benzinga Pro. The company reported quarterly earnings of 67 cents per share, which missed average estimates of 68 cents per share. 

"Third quarter results came in below our expectations due to the softening PC market and substantial inventory reduction actions across the PC supply chain," said Lisa Su, CEO of AMD.

"Despite the challenging macro environment, we grew revenue 29% year-over-year driven by increased sales of our data center, embedded, and game console products."

AMD expects fourth-quarter revenue to be between $5.2 billion and $5.8 billion versus average estimates of $5.85 billion. The company expects full-year revenue to be between $23.2 billion and $23.8 billion versus average estimates of $23.88 billion.

Related Link: AMD Q3 Earnings Highlights: Revenue And EPS Miss, Data Center Growth, Q4 Guidance And More

Analyst Assessment: Several analysts adjusted price targets on the stock following the company's quarterly results.

• Keybanc analyst John Vinh maintained AMD with an Overweight and lowered the price target from $100 to $85.
• Deutsche Bank analyst Ross Seymore maintained AMD with a Hold and lowered the price target from $70 to $68.
• UBS analyst Timothy Arcuri maintained AMD with a Neutral and lowered the price target from $80 to $75.
• Raymond James analyst Melissa Fairbanks maintained AMD with a Strong Buy and lowered the price target from $100 to $80.
• Mizuho analyst Vijay Rakesh maintained AMD with a Buy and lowered the price target from $102 to $95.
• Stifel analyst Ruben Roy maintained AMD with a Buy and lowered the price target from $100 to $91.

AMD Price Action: AMD has a 52-week high of $152.42 and a 52-week low of $54.57.

The stock was up 5.83% at $63.15 Wednesday morning. 

Photo: courtesy of AMD.