Jefferies Downgrades AMD, Warns on Lagging AI Progress

GuruFocus03-27

Advanced Micro Devices (AMD, Financial) shares declined over 3% in pre-market trading Thursday after Jefferies analyst Blayne Curtis downgraded the stock to Hold from Buy, citing concerns over the company's slower progress in artificial intelligence and rising competition.

Curtis also lowered the stock's price target to $120 from $135, implying limited near-term upside. He expressed doubts about AMD's ability to meet its projected AI revenue range of $10 billion to $15 billion between 2026 and 2027, calling the market expectations overly aggressive. The analyst pointed to AMD's MI300x chip lagging behind Nvidia's (NVDA) H200 in key AI benchmarks.

He also flagged renewed competitive pressure from Intel (INTC, Financial), driven by management changes and strategic shifts, particularly in the Client PC segment. Curtis said he plans to remain cautious until there's more clarity on AMD's AI trajectory and how Intel's roadmap unfolds. AMD (AMD, Financial) shares were last down more than 4.02% on Thursday.

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