Advanced Micro Devices (AMD) stock was down on Monday alongside updated coverage from a top Wall Street analyst. Five-star Citi analyst Atif Malik removed AMD stock from the firm’s positive 30‑day catalyst watch. He said that AMD lacks a significant catalyst that would justify a more bullish stance for the stock.
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Malik also highlighted the extreme rally that AMD stock experienced in April, up more than 58%. These gains are in anticipation of increased CPU demand and better pricing for the company’s products. The analyst argued that these gains have limited the near-term upside for the shares. That’s despite AMD’s next earnings report being scheduled for early May.
The Citi analyst also reiterated his Hold rating for AMD stock, as well as his price target of $248 for the shares. This price target suggests a possible 25.97% downside for AMD. Additionally, Northland analyst Gus Richard downgraded AMD stock to a Hold rating today and set a $260 price target, implying a potential 22.39% downside for the shares.
AMD Stock Movement Today
AMD stock was down 3.61% on Monday but was still up 56.54% year-to-date. The stock has also rallied 260.84% over the past 12 months.
AMD trading activity today saw some 20.67 million shares change hands, compared to a three-month average daily trading volume of about 32.47 million shares.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Moderate Buy, based on 19 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $295.04, representing a potential 12.22% downside for the shares.
