Earlier this morning, Morgan Stanley downgraded Advanced Micro Devices, Inc. (NASDAQ:AMD) to "equal weight" from "overweight." The analyst in coverage noted the artificial intelligence (AI) "bar remains high" and praised rival Nvidia (NVDA). AMD is down 3.4% trade at $162.21 at last check, brushing off today's price-target hike from Susquehanna to $200 from $185.
The downgrade today is notable because a majority of analysts learned bullish toward the security coming into today, with 29 of 34 calling it a "buy" or better, while five said "hold." Plus, the 12-month consensus target price of $187.37 is a 16.8% premium to current level.
AMD is set to snap a three-day win streak today, as it manages a 9.7% drawdown for the quarter. The $175 region has kept a tight lid on any rallies since April, while the shares remain a far cry from their March 8 record high of $227.30. Nevertheless, the chip stock is still up 9.8% in 2024.
Options bears are chiming in today, with 90,000 puts exchanged so far, which is double the volume typically seen at this point. The most popular contract is the weekly 6/14 160-strike put, with new positions being bought to open there.
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