Wells Fargo analyst Aaron Rakers downgraded AMD to Equal Weight from Overweight with a price target of $64, up from $55. The chipmaker closed Wednesday up $2.01 to $58.90. The analyst is positive on AMD's competitive positioning and share gain story. However, at current levels, and based on his new sum-of-the-parts analysis, he believes the shares approaching levels that present a more balanced risk/reward. The stock is now discounting estimated 2022 earnings per share of $2.50-plus, Rakers tells investors in a research note partially titled "Time For A Breather."

TD Cowen raised the firm's price target on AMD to $200 from $185 and keeps a Buy rating on the shares. The analyst expect data center strength and "well-known softness elsewhere" when AMD reports Q1 results. The firm sees AMD as generating upwards of $10.00 in earnings per share by 2027, or a nearly 40% annual growth off of 2023. TD increased its MI300 2024 revenue estimate to $4.5B from $4B, saying ramps at several customers will continue to happen more quickly than typical. AMD remains one of its top picks.