Morgan Stanley downgraded AMD (AMD) to Equal Weight from Overweight with an unchanged price target of $176. The firm likes the AMD story, but says investor expectations for the artificial intelligence business still seem too high. The analyst sees limited upward revision potential for AMD’s AI exposure from here and has a preference for Nvidia (NVDA) and Broadcom (AVGO) among the large cap AI semis. AMD looks expensive relative to other large cap AI plays where Morgan Stanley has more confidence on upward revisions to AI forecasts, the analyst tells investors in a research note.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AMD:
- AMD management to meet with Piper Sandler
- ‘There’s No Justification to Buy,’ Says Top Investor About AMD Stock
- AMD to Present at the Nasdaq London Investor Conference
- Top Analyst Chimes in on Nvidia and AMD Following Computex 2024 Keynote
- Nvidia’s (NASDAQ:NVDA) Market Value Overtakes AAPL as Shares Soar