Cowen analyst Matthew Ramsay cut his price target on shares of Advanced Micro Devices Inc. AMD, +2.94% to $26 from $33 on Tuesday, days after the company delivered a disappointing forecast for its fourth quarter. Following conversations with AMD Chief Executive Lisa Su, Ramsay trimmed his estimates but maintained an outperform rating on the shares. "We believe near-term headwinds within the GPU franchise (while challenging) do not impede AMD from pushing toward mid-teens share of its target markets, significant earnings growth, and margin expansion over the next six to eight quarters," he wrote. "A medium-term path toward $10B in revenue and $1.75+ in earnings is still very much intact--likely more realistic in 2021 versus sooner and we believe investor expectations should calibrate accordingly after getting too aggressive as shares climbed in August." AMD shares are up 0.6% in premarket trading Tuesday. They've gained 64% so far this year, while the S&P 500 SPX, +1.59% has fallen 1.2%.