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AMD shares are due for a pullback after the stock's stunning gain this year, according to Baird.
The firm lowered its rating to neutral from outperform for AMD shares, predicting more competitive pressure from Intel.
AMD's server chip looks "impressive but remains limited and Intel will react with new architectures," analyst Tristan Gerra said in a note to clients Monday. "We think most [of the] good news [is] already priced in … Valuation appears rich."
AMD shares closed up 1.7 percent Monday.
Gerra noted Intel's announcement on Friday, when it said it had enough supply to meet its 2018 full-year revenue outlook, which may mean AMD's PC chip share gains may be "limited."
The analyst raised his price target to $28 from $20 for AMD shares, representing 9 percent downside from Friday's closing price.
He said the company already trades at 25 times his estimated 2020 earnings per share forecast.
AMD's stock is significantly outperforming the market this year. The shares are up nearly 200 percent year to date through Friday versus the S&P 500's 9 percent gain. The company's stock is the top-performing name in the S&P 500 this year.
AMD did not immediately respond to a request for comment.
— CNBC's Michael Bloom contributed to this story.