It's time to move to the sidelines on AMD, Barclays says in downgrade

Advanced Micro Devices was downgraded to equal weight from overweight by Barclays, which cut its price target to $115 from $148. Intel was reiterated at underweight with a $45 price target. Analysts led by Blayne Curtis say AMD is still positioned to gain share this year in both the client and server markets, but there's a cyclical risk across several end markets for 2023. "We don't have a smoking gun pointing to a correction underway in any of these markets, but it's very clear to us that all 3 segments are running at elevated levels," the analysts said of the PC market, gaming and the recently acquired Xilinx. AMD shares have dropped 17% this year, while Intel has been flat.

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