Shares of Advanced Micro Devices Inc. are down 3.6% in Monday morning trading after Susquehanna analyst Christopher Rolland downgraded the stock to negative from neutral. “While this call is likely early (in front of needed GPU channel replenishment), the proliferation of Ethereum mining ASICs have the ability to impact ~20% of AMD’s total company revenue,” he wrote, referring to application-specific integrated circuit chips. He thinks AMD will “blow out” its next quarterly report, but his concerns have a longer time frame. Rolland also lowered his price target on Nvidia Corp. shares to $215 to $200. He rates Nvidia at neutral. AMD shares are down 25% over the past 12 months, while Nvidia’s stock is up 122%. The S&P 500 is up 11% in that time, compared with a 34% rise for the PHLX Semiconductor Index .
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