AMD drops despite topping estimates in latest quarter. Here’s what the pros are saying

by | Aug 2, 2023 | Financial

Market Movers rounded up the best reactions from investors and analysts on Advanced Micro Devices . The pros considered the Santa Clara, California-based chipmaker after its second-quarter results Tuesday beat estimates on both the top and bottom lines. Despite the results, AMD closed the day 7% lower after third-quarter guidance missed Street estimates amid a faltering PC market. On Wednesday, AMD CEO Lisa Su joined Jim Cramer on CNBC to break down the results. Su said AMD is increasing artificial intelligence-related spending and has a strategy around developing AI-specific chips. Additionally, Citi upgraded the stock to buy from neutral and raised its price target to $136 from $120. AMD is currently held in Cramer’s Charitable Trust Portfolio.

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