Competitor downgrade on 2023 cyclical issues, potential consumer weakness in PCs and mobile, and a possible price war with Intel Corp drove Advanced Micro Devices Inc shares’ weakness, Rosenblatt analyst Hans Mosesmann said.
Barclays recently downgraded the rating on AMD, citing looming cyclical risks in 2023 across several end markets.
However, Mosesmann contends that AMD is not in jeopardy of missing its 30 percent year-over-year sales growth target for 2022.
He expects AMD to gain significant data center market share.
The analyst considers the weakness a buying opportunity and keeps a Buy rating on AMD shares.
By Anusuya Lahiri
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