Advanced Micro Devices (NASDAQ:AMD) stock is slipping on Monday after Truist analyst William Stein updated his stance on the semiconductor company.
This has the Truist analyst updating his price target for AMD stock from $144 to $111 per share. That still implies roughly 10% upside compared to the stock’s closing price on Friday. For the record, the consensus price target for AMD is $148.58 per share.
One thing that didn’t change is Stein maintaining his “hold” rating for AMD stock. That’s a bit more bearish than the analysts’ consensus “buy” rating. That’s made up of 17 “buy” and 11 “hold” ratings.
So what’s behind the lowered price target for AMD stock? Stein points to a sudden shift in demand for semiconductors from a wide collection of businesses. Among them are computer, consumer, and communications OEMs.
Stein points to “a combination of just enough demand destruction and just enough additional supply is leading to a traditional cyclical downturn,” as the reason behind this change.
And it’s not just AMD stock that is being hit by this news. The Truist analyst also lowered his price targets for Intel (NASDAQ:INTC) and Nvidia (NASDAQ:NVDA). In addition to that, he maintains his “hold” rating for INTC and “buy” rating for NVDA shares.
AMD stock is down 3.5%, INTC stock is up slightly, and NVDA stock is down 4.4% as of Monday morning.
Investors on the lookout for more recent stock market news are in luck!
InvestorPlace has all the most recent stock coverage that traders need to know about for Monday! A few examples include what has shares of AT&T (NYSE:T) stock slipping today, this morning’s biggest pre-market stock movers, and a roundup of all the biggest Tesla (NASDAQ:TSLA) stock news from last week. You can find all of this news at the links below!
More Stock Market News for Monday
- Why Is AT&T (T) Stock in the Spotlight Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- TSLA Stock News: 6 Biggest Headlines That Tesla Investors Need to Know This Week
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.