AMD price target lowered to $98 from $128 at Truist

Truist lowered the firm’s price target on AMD (AMD) to $98 from $128 and keeps a Hold rating on the shares. The company delivered a minor beat in Q3 driven entirely by PCs, as datacenter and client strength offset weak industrial and gaming performance, the analyst tells investors in a research note. Truist adds however that concerns remain as the firm sees AMD’s position in AI as likely confined vs. Nvidia’s (NVDA) solutions, and it also expects the X86 market to slowly come under pressure from new CPU competitors.