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AMD Has More to Lose Than Nvidia Should Bitcoin Mining Hardware Sales Decline
The cryptocurrency craze has been a major tailwind for both Advanced Micro Devices, Inc. (NASDAQ: AMD) and NVIDIA Corporation (NASDAQ: NVDA). However, should cryptocurrency lose favor among investors, one analyst says AMD may have much more to lose.
Morgan Stanley analyst Joseph Moore maintains an Underweight rating and $8 price target for AMD stock and an Equal-Weight rating and $222 target for Nvidia.
AMD and Nvidia have been two of the hottest stocks on Wall Street in recent years, and surprise GPU demand from cryptocurrency miners has been largely responsible. According to Moore, that demand boost was likely only temporary, and could drop off significantly in 2018.
Moore said that, contrary to popular …
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