Wolfe Research analyst Chris Caso downgraded AMD (AMD) to Peer Perform from Outperform without a price target The downgrade is based on a lower expectation for data center graphics processing unit revenue this year than previously expected, the analyst tells investors in a research note. The firm thinks the setup into earnings is difficult for AMD. Wolfe is less confident in spending for 2025 as hyperscalers likely shift budgets back to artificial intelligence, but believes AMD can offset that trend with share gains in enterprise.
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