AMD downgraded to Neutral from Buy at BofA

BofA downgraded AMD (AMD) to Neutral from Buy with a price target of $155, down from $180. The firm sees higher competitive risks for AMD in artificial intelligence against “best-of-breed” Nvidia’s (NVDA) dominance. In addition, there is growing cloud preference for Marvell’s (MRVL) and Broadcom’s (AVGO) custom chips, which limits AMD’s market share gain potential, the analyst tells investors in a research note. BofA also sees potential for a PC processor correction in the first half of 2025.