Why AMD Stock Is Pulling Back In Premarket Today
Portfolio Pulse from Shanthi Rexaline
Advanced Micro Devices, Inc. (AMD) shares fell nearly 2% in premarket trading after a lukewarm Q4 outlook. Despite reporting above-consensus Q3 earnings and revenue, the company's Q4 revenue guidance of $6.1 billion trailed most analysts' estimates. KeyBanc Capital Markets analyst John Vinh trimmed the price target for AMD shares from $160 to $140, maintaining an Overweight rating.
November 01, 2023 | 10:40 am
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AMD's stock fell nearly 2% in premarket trading due to a lukewarm Q4 outlook. KeyBanc analyst trimmed the price target from $160 to $140.
AMD's Q4 outlook was not as positive as expected, leading to a drop in premarket trading. The reduction in price target by KeyBanc analyst also indicates a potential negative short-term impact on the stock.
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