Citi opens 'positive catalyst watch' on AMD but keeps $13 price target

Citi analyst Christopher Danely expects continued PC end market strength and Intel's (INTC) data center weakness to provide upside to AMD's (AMD) Q4 earnings and guidance. As such, he opened a "positive catalyst watch" on AMD shares on expectations the stock to trade up after the earnings call. However, he maintains Sell rating on the stock with a $13 price target. Danely continues to expect the pricing competition between Intel and AMD to intensity later this year, "which will likely be detrimental for both."