Deutsche Bank Cuts AMD Price Target By 11%

• Deutsche Bank analyst Ross Seymore lowered the price target on Advanced Micro Devices Inc (NASDAQ:AMD) to $125 from $140 and kept a Hold rating on the shares. The price target implied an upside of 17%.
• The re-rating followed AMD's acquisition of Pensando for $1.9 billion. 
• Pensando offers a fully-programmable, high-performance packet processor and software stack already in use across cloud and enterprise customers. 
• The analyst notes such an offering will augment AMD's ability to deliver the performance and capabilities required for optimized workloads across the data center.
• KeyBanc also hailed the deal.
• Price Action: AMD shares closed lower by 3.36% at $106.82 on Tuesday.