Abhinav Davuluri

The market seems to be overestimating AMD's long-term prospects.

However, it remains central to our narrow moat rating.

We are maintaining our fair value estimate, and we think shares are fairly valued at current levels.

We think investors with a long-term horizon will find current levels compelling relative to our unchanged fair value estimate of $65 per share.

The GPU titan beat recently lowered expectations, but its full-year outlook calls for no growth.

We think Apple will resume mid-single-digit sales growth in fiscal 2020 despite the potential for continued weakness in China.