Bernstein lowered the firm’s price target on AMD (AMD) to $95 from $125 and keeps a Market Perform rating on the shares. The firm is also adjusting estimates to incorporate its PC changes and the recent China AI accelerator license requirements, as well as ZT acquisition which materially lowers its forward revenue and EPS forecasts. Unfortunately for AMD the AI story, already somewhat tenuous, is likely to take another material haircut on the back of new China sanctions and overall remains uncompetitive in Bernstein’s view.
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