KeyBanc AMD

KeyBanc Downgrades AMD to Sector Weight

April 8, 2025 Analyst: John Vinh 1 min read Reproduced verbatim
Rating
Hold
from Overweight
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What the analyst said

KeyBanc analyst John Vinh downgraded AMD (NASDAQ: AMD) from Overweight to Sector Weight.

“We are downgrading AMD from Overweight to Sector Weight given: 1) increasing concerns regarding the sustainability of its China AI business; 2) increasing risk to GM given a potential price war with INTC; and 3) limited opportunities to gain additional share vs.

INTC and increasing competition given the progress Intel is making on 18A.

While the stock is relatively inexpensive, trading at 13x our 2026 EPS estimate, semiconductor stocks rarely work with risk to GMs, which we are increasingly concerned about given the aggressive price cuts by INTC.

Given stronger demand for MI308 and PCs given pull-ins, we’re raising our revenue/EPS estimates for AMD but lowering our GM assumptions.”

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Track record

Firm track recordKeyBanc: 80% of its 10 targets at least a year old were reached within 12 months (#17 of 25 firms); on AMD, 2 of 2. Accuracy ranking →

KeyBanc on AMD

KeyBanc price targets on AMD

8 calls from January 14, 2025 to February 4, 2026. The target went from $150 to $300 (+100%). The rating stayed Buy.

KeyBanc targetAMD share price
  1. February 4, 2026Target raised from $270 (+11%)Buy$300
  2. January 13, 2026Kept the $270 targetBuy$270
  3. January 13, 2026Upgraded to Buy, target raised from $140 (+93%)Buy$270
  4. July 8, 2025Rating only, no price targetHoldNo target
  5. May 7, 2025Rating only, no price targetHoldNo target
  6. April 8, 2025 This noteDowngraded to HoldHoldNo target
  7. February 5, 2025Target cut from $150 (−7%)Buy$140
  8. January 14, 2025Earliest call shownBuy$150
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.