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HSBC downgrades Advanced Micro Devices stock to hold from buy.
HSBC downgraded AMD stock to hold from buy despite raising the price target to $340.
KEY POINTS
- HSBC expects AMD's first and second quarter revenues will merely match, not exceed, consensus estimates.
- Analyst Frank Lee cites AMD's dependency on TSMC and tightening 3nm foundry capacity as a constraint.
- HSBC believes AMD cannot capitalize on unexpected 2026 server CPU demand, limiting unit growth upside.
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