Advanced Micro Devices, Inc. (NASDAQ:AMD) and NVIDIA Corporation (NASDAQ:NVDA) shares are trading lower after B of A Securities maintained bullish ratings on the stock but lowered its price targets.
B of A Securities analyst Vivek Arya maintained AMD with a Buy but lowered the price target from $160 to $110. Arya also maintained Nvidia with a Buy but lowered the price target from $270 to $220.
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Shares of tech stocks have been volatile in the month of June amid an overall market selloff partially generated by worse-than-expected U.S. May inflation data. The all items index CPI datapoint increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
Inflation concerns have weighed on the economic outlook and have also raised expectations for further Fed rate hikes. A rise in treasury yields has also weighed on tech and growth stock valuations.
According to data from Benzinga Pro, AMD is trading lower by 3.96% to $77.58. Nvidia is trading lower by 3.44% to $154.30.