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Fly News Breaks for October 30, 2017
AMD
Oct 30, 2017 | 08:01 EDT
As previously reported, Morgan Stanley analyst Joseph Moore downgraded AMD to Underweight from Equal Weight. Moore said he has been "somewhat cynical" on the stock due to valuation, but he maintained an Equal Weight rating until now as his earnings estimates were above consensus. However, while the consensus view has climbed to his level the fundamental outlook is less robust as microprocessor momentum has been slow to build and he expects cryptocurrency gains to gradually fade from here. The analyst, who also expects consoles to decline and graphics to be "flattish," lowered his price target on AMD shares to $8 from $11.
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