AMD price target lowered to $120 from $135 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on AMD (AMD) to $120 from $135 and keeps an Overweight rating on the shares. Semiconductor stocks nicely outperformed the broader markets, but the firm expects volatility will persist ahead of the potential for section 232 Semiconductor restrictions and updates to AI Diffusion rules, as well as a likely ongoing increasing of friction between U.S. and China, the analyst tells investors in a research note. The firm view Semiconductor stocks as “must-own” long-term, but also recognize the group is at the center of this great friction and will prove to be volatile, with a preference for Semi Equipment to Analog.