Here’s Why Piper Sandler Downgraded AMD, Slashed Price Target By 7 Percent

An AMD employee presents a 200-millimetre wafer of Advanced Micro Devices (AMD), the U.S. maker of computer chips, in Dresden, eastern Germany, on Oct. 24, 2006. Norbert Millauer/DDP/AFP via Getty Images

Piper Sandler analyst Harsh Kumar downgraded Advanced Micro Devices Inc. to Neutral from Overweight with a price target of $130, down from $140.

The analyst is cautious on the broader automotive sector, saying the pace of orders and strong pricing “may come into question” as supply normalizes in the second half of 2022.