Shares of Advanced Micro Devices (NASDAQ:AMD) are down in after-hours trading. This can be attributed to preliminary results that indicate a significant revenue miss during the company’s third quarter. Indeed, estimates were for revenue to hit $6.71 billion but will instead come in at $5.6 billion.
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AMD labeled the PC market as the culprit for these results, along with inventory corrections. Therefore, the company will also see lower gross margins than initially anticipated.
Is AMD Stock a Buy or Sell?
AMD has a Moderate Buy consensus rating based on 19 Buys, seven Holds, and one Sell assigned in the past three months. The average AMD stock price target of $114.84 implies 69.3% upside potential.
