AMD shares rise as Wall Street stays calm after disappointing earnings
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Advanced Micro Devices (NASDAQ:AMD) shares rose as much as 4% Wednesday as Wall Street spared the chipmaker its ire following what was an expected disappointing quarterly report and outlook.
On Tuesday, AMD (AMD) said that for its third-quarter, it earned 67 cents a share, excluding one-time items, on $5.57B in revenue. On October 7, AMD (AMD) said it believed it would earn 70 cents a share on $5.6B in sales for its third quarter. 
AMD (AMD) also said that for the fourth quarter of 2022, it expects revenue to come in between $5.2B and $5.8B, and that its full-year sales should be in a range of $23.2B to $23.8B.
AMD (AMD) said its results were largely impacted by weakness in the PC sector, as sales of products for PCs fell by 40% from a year ago, to $1B.
Mizuho Securities analyst Vijay Rakesh said that AMD's (AMD) fourth-quarter revenue outlook was below analysts' consensus estimates for $5.9B in sales, but that the company's lower forecast was largely expected.
Rakesh maintained his buy rating on AMD's (AMD), but cut his price target to $95 a share from $102. Rakesh said that while PC sales are likely to still decline, AMD (AMD) is seeing continuing strength from its data center and gaming product lines.
Wall Street analysts and Seeking Alpha authors both have consensus buy ratings on AMD's (AMD) stock. Seeking Alpha's quant system, which historically outperforms the stock market, gives AMD (AMD) a hold rating on its shares.