Advanced Micro Devices, Intel slip as Barclays cuts price targets, citing PC weakness
Andrei Berezovskii

Advanced Micro Devices (NASDAQ:AMD) and Intel (NASDAQ:INTC) shares slipped on Monday as investment firm Barclays Capital cut the price targets on both semiconductor companies, noting a weak second-half outlook, and weakness in notebook computers during June.
Analyst Blayne Curtis lowered his price target on AMD (AMD) and Intel (INTC) to $85 and $40 from $115 and $45, respectively, pointing out that notebook production is now likely to fall 17% year-over-year, compared to a previous estimate of a drop of 12%.
Curtis noted that while executives from Intel (INTC) made cautious comments about the company's upcoming quarter in recent weeks, AMD (AMD) reiterated its guidance at its investor day.
"We are taking down estimates for both companies, but they may have to come down even further as these cuts are just starting," Curtis wrote in a note to clients, adding the firm sees "no reason to own these names until the size of the correction is better understood." 
Advanced Micro Devices (AMD) fell slightly more than 1.5% to trade at $78.69, while Intel (INTC) fell slightly less than 1% to trade at $37.62.
In addition, Curtis noted that Intel's (INTC) "real make or break year" is 2024 as that is when it will have products on 4 nm and 3 nm nodes, but there are signs the company's roadmap is slipping.
Last month, investment firm Morgan Stanley restarted coverage on Advanced Micro Devices (AMD) shares, noting it is in a position to gain market share in both cloud servers and PCs.