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AMD Less Attractive on ‘Rich’ Valuation, Pressure from Intel: Baird By Shoshanna Delventhal | October 2, 2018 — 3:03 PM EDT
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Advanced Micro Devices Inc. (AMD) has received a bearish call from one team of analysts in light of a wave of upbeat notes from the Street in the recent period. Shares of the chip maker, up nearly 200% year-to-date (YTD) compared to the S&P 500's 9.5% return, could experience a pullback, according to analysts at Baird.
(For more, see also: AMD Could Triple Market Share on Intel Issues.)
Most Good News Priced into AMD Stock, Writes Bear
In a note to clients on Monday, Baird analyst Tristan Gerra downgraded shares of AMD, the best performing in the S&P 500 this year, to neutral from outperform, as outlined by CNBC. The investment firm is forecasting rival Intel Corp. (INTC) to make a stronger than expected comeback despite delaying production of its next-gen 10-nanometer processing technology. While the analyst noted that AMD's server chips look "impressive," he views market share gains as limited, citing an announcement from Intel on Friday indicating that the firm has enough supply to meet its 2018 full-year revenue outlook.
"We think most [of the] good news [is] already priced in … Valuation appears rich," wrote Gerra.
Baird lifted its 12-month price target from $20 to $28, reflecting a 7.4% downside from Monday as shares trade down roughly 3.8% at $30.24..
Not all are so positive regarding a comeback from Intel. Analysts at Barclays downgraded shares of the semiconductor manufacturer from equal weight to underweight on Monday, predicting the company to post earnings below consensus estimates in 2019, as reported by CNBC.
“Intel faces a costly battle ahead to retain share as the competitive threat from AMD heats up, along with the near-term slowing of end markets,” wrote Barclays' Blayne Curtis. He views Intel's situation as a lose-lose, writing that the firm with either has to slash prices or give up market share to its fellow Santa Clara-based competitor. AMD is slated to release its faster, more efficient 7-nanometer chip technology sometime next year.
Read more: AMD Less Attractive on ‘Rich’ Valuation, Pressure from Intel: Baird | Investopedia https://www.investopedia.com/news/amd-less-attractive-rich-valuation-pressure-intel-baird/#ixzz5SqY9Cl00
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