Barclays downgraded Advanced Micro Devices stock to "equal weight"
Advanced Micro Devices, Inc. (NASDAQ:AMD) is down 2.1% to trade at $116.70 this morning, after a bear note from Barclays. The firm downgraded the semiconductor giant to "equal weight" from "overweight," with a price-target cut to $115 from $148, saying that while the company will continue to gain market share over competitor Intel (INTC) in the next few years, there's multiple end markets long-overdue for correction that will eventually stymie growth.
On the charts, Advanced Micro Devices stock began trending lower, after a Nov. 30 all-time high of $164.46. While today's drop has AMD gapping to its lowest level in a week, the 30-day moving average remains below as potential support for the pullback. Year-over-year, AMD is up 46%.
Short-term options traders are unusually put-biased at the moment. This is per AMD's Schaeffer's put/call open interest ratio (SOIR) of 1.21, which stands higher than all other readings in its 12-month range.
It's also worth noting the equity's Schaeffer's Volatility Scorecard (SVS) stands at a relatively high 83 out of 100. This means the equity has exceeded options traders' volatility expectations during the past year.