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AMD downgraded to Hold from Buy at Melius Research

AMD downgraded to Hold from Buy at Melius Research

Melius Research downgraded AMD (AMD) to Hold from Buy with a price target of $129, down from $160. The downgrade is not due to DeepSeek, rather a more cautious on x86 server and PC as well over the long-term for AMD, the analyst tells investors in a research note. The firm thinks Nvidia (NVDA) is going to increasingly “come for” AMD in both markets with its Arm-based central processing units that are optimized for accelerated PCs. Also, Melius is increasingly concerned that custom CPUs and Nvidia CPUs will cannibalize even more of the x86 server market long-term even though AMD’s current chip, Turin, is doing well.

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