Why Advanced Micro Devices Fell Today
Shares of Advanced Micro Devices (NASDAQ: AMD) fell again on Wednesday, down 5.1% as of 12:48 p.m. ET.
Even though the stock fell hard yesterday on the back of a bad consumer sentiment number from the Conference Board, today followed through with another drop, as a prominent semiconductor analyst slashed his price targets across the sector.
On Wednesday, Bank of America analyst Vivek Arya lowered his price target on AMD, slashing it from $160 to $110, although he did keep his buy rating on shares. Arya actually appears bullish on AMD relative to the rest of the sector, but the AMD price target cut was part of a broader downgrade of the whole sector, including Nvidia (NASDAQ: NVDA), which was also kept at buy. These two fared relatively well, however; Arya actually downgraded his ratings for several other semi names to either neutral or underperform, so one could say AMD actually fared better in his analysis than its sector peers.
Source Fool.com
