AMD price target lowered to $180 from $235 at Barclays

Barclays analyst Tom O’Malley lowered the firm’s price target on AMD (AMD) to $180 from $235 and keeps an Overweight rating on the shares. AMD has “round-tripped all performance gains on the year” as investors look to be more selective with artificial intelligence exposures and align with more cyclical names, the analyst tells investors in a research note. The firm says expectations for the MI300 are now at $5B for the year, which is achievable even amidst a slew of negative Microsoft (MSFT) data points coming out of the supply chain. “We think our dream the dream of $235 for AMD has come and gone but we do see value in the stock here and refresh our scenario analysis making a strong case for at least $180,” Barclays writes.