Wells Downgrades AMD Despite Target Raise With Shares Due For 'Breather'
Wells Fargo analyst Aaron Rakers downgraded AMD to Equal Weight from Overweight with a price target of $64, up from $55. The chipmaker closed Wednesday up $2.01 to $58.90. The analyst is positive on AMD's competitive positioning and share gain story.
However, at current levels, and based on his new sum-of-the-parts analysis, he believes the shares approaching levels that present a more balanced risk/reward.
The stock is now discounting estimated 2022 earnings per share of $2.50-plus, Rakers tells investors in a research note partially titled "Time For A Breather."
Disclosure: None.
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#WellsFargo is one of the most dishonest companies in existence. The fact that they dowgraded $AMD makes me want to buy it even more.
64 is higher, that would be an upgrade in my book.