By Sam Boughedda
Investing.com -- Advanced Micro Devices, Inc. (NASDAQ:AMD) shares have tumbled more on Thursday after a downgrade by Barclays.
Analyst Blayne Curtis downgraded AMD to Equal Weight from Overweight, lowering the price target to $115 from $148.
Curtis told investors in a note that the company's growth story "needs a pause" as cyclical risks loom in 2023.
“AMD still looks positioned to gain share this year in both the client and server markets, and while we do see upside to the 31% growth target this year, where we have an issue is for 2023, as we see cyclical risk across several end markets," the analyst wrote.
Those end markets include PC, gaming, and broad-based, with the analyst stating that all three segments are "running at elevated levels,” which is a risk to the company's growth.
AMD shares are down 5% Thursday, adding to Wednesday's 3% loss.