TD Cowen Cuts AMD and NVIDIA Price Targets Amid Tariff and Revenue Concerns
The investment bank lowered AMD's target to $110 and NVIDIA's to $140, citing macroeconomic challenges, tariff uncertainty, and weakening compute demand.
- AMD's price target was reduced from $135 to $110, with TD Cowen citing tariff-related uncertainty and falling GPU revenue estimates for data centers.
- NVIDIA's price target was lowered from $175 to $140, though the company remains a top pick for its technological leadership and upcoming Blackwell GPUs.
- Both AMD and NVIDIA have experienced substantial stock declines this year, with AMD down 31% and NVIDIA down 28%.
- Tariff announcements last week have exacerbated market pressures, particularly impacting AMD's stock performance.
- Despite current challenges, TD Cowen remains optimistic about AMD’s MI355X GPU and NVIDIA’s Blackwell GB200 server racks as potential future growth drivers.
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