HSBC Downgrades AMD to Hold, $340 Price Target

HSBC analyst Frank Lee downgraded AMD (NASDAQ: AMD) from Buy to Hold, PT $340.00 (from $335.00).

“Downgrade to Hold (from Buy) with a higher target price of USD340: We raise our target price from USD335 to USD340 as we apply a target PE multiple of 31x to our revised 2027e EPS estimate.

We downgrade our rating to Hold as the stock has already significantly re-rated from trading at a 19x 2027e PE multiple to a 33x PE multiple with limited room for earnings upside due to capacity constraints.

We introduce our 2028e estimates.”

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