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Shares of Advanced Micro Devices (NASDAQ:AMD) are down modestly in premarket Thursday trading after Wedbush analysts removed the stock from their Best Ideas List.
AMD is removed “due to our investment price discipline,” strategists wrote in a client note. Instead, Deckers Outdoor Corp (NYSE:DECK) is added.
Elsewhere, a Mizuho analyst trimmed the price target to $125 from $140 to reflect slower Server growth. The lowered price target reflects lowered estimates for the December quarter and FY23.
“Our PT still implies >60% upside as we see AMD potentially continuing to gain share despite macro headwinds,” he commented.
NVIDIA (NASDAQ:NVDA) also saw its price target cut, in this case to $205 from $225 on the same basis.
“We see NVDA well-positioned with its AI dominance >90% of AI workloads, with AI 10% total server workloads,” the analyst added.
