Shares in chipmaker Advanced Micro Devices Inc. (AMD) - Get Report fell Thursday, Dec. 13, after an analyst at RW Baird lowered his price target on the company's stock for the second time in the past three months.

RW Baird analyst Tristan Gerra said in a research note on Thursday that he lowered his price target on AMD to $23 from $25 while maintaining his "neutral" rating.

Gerra in October reduced his rating on the stock to "neutral" from "outperform" and lowered his price target on the stock to $28, though noted at the time that the company was already trading at 25 times his estimated 2020 per-share earnings forecast.

Of concern for Gerra are supply chain issues, particularly in Asia, where he is seeing higher-than-normal inventory levels of AMD's graphic cards among manufacturers.

"Asia supply chain checks suggest graphic cards inventory levels are near six months in China industrywide and three months at graphic card resellers, twice the normal levels, suggesting channel inventory deleveraging may drag into (the first half of 2019)," Gerra wrote.

However, "Easy comps should drive a resumption of double-digit growth in revenue for 2020," he said.

AMD shares fell 2.6% to $19.94 on Thursday.