Advanced Micro Devices’ (AMD) Q1 sales outlook of $5.4 billion, plus or minus $300 million, was “slightly worse” than the consensus of $5.8 billion, BofA Securities said in a note Tuesday.
The firm’s forecast is revenue of $5.5 billion.
“Weak outlook is primarily in programmable chips, gaming and PC, deeper than expected,” BofA said.
The firm also said that the company’s data center segment is “strongly on track” and points to “continued share gains” against Intel (INTC).
BofA increased the data center sales forecast for AMD by 5% to 6% to $12 billion in 2024 and to $15.9 billion in 2025.
The firm lowered its EPS estimates for the company to $3.62 from $3.83 in 2024 and to $5.07 from $5.20 in 2025.
BofA maintained the buy rating and $195 price objective on AMD stock.