As previously reported, Northland downgraded AMD (AMD) to Market Perform from Outperform with a $260 price target. With Intel (INTC) catching up to AMD and TSMC (TSM) partnering with Nvidia (NVDA) in AI infrastructure and PCs, the firm thinks competition limits AMD’s gross margin expansion as R&D spending will likely remain elevated, the analyst tells investors. While stating that AMD is “a phenomenal company,” the firm contends that calendar year 2027 consensus is “likely too high.”
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