Why AMD Shares Fell 11% Last Month
Shares of Advanced Micro Devices (NASDAQ: AMD) fell 11.4% in March, according to data from S&P Global Market Intelligence. The stock was closing out the month on a break-even trajectory, but a harsh review from analyst firm Barclays triggered a sharp drop on March 31.
Barclays analyst Blayne Curtis dropped his target price for AMD from $148 to $115 per share. At the same time, he reduced his rating on the stock from overweight to equal weight, suggesting that AMD's shares should trade in line with the broader market for a few months.
Curtis said AMD is poised to win market share in several key markets this year, but that the recent surge in PC shipment figures isn't sustainable into 2023. Therefore, the analyst isn't buying the stock until the share price falls far enough or new growth catalysts come to light. A 31% year-to-date price drop so far wasn't enough for this analyst's tastes.
Source Fool.com
