AMD is not limited to crypto and graphics bread

Analysts have concerned about several key elements of Advanced Micro Devices Inc.'s business after the chipmaker delivered a disappointing earnings report and outlook.

AMD shares

AMD, -16.38%

are off 13% in Thursday's session following the results, which were released the prior afternoon. In earnings commentary, AMD executives discussed graphics-chip glut owing to the end of the cryptocurrency boom, and some analysts are expecting more related bread in the segment. They also charge that AMD is not growing its server market share fast enough or appropriately capitalizing on PC weakness at Intel Corp.

"Results and guidance missed the Street significantly 'GPUs sales' weighed," wrote Susquehanna analyst Chris Rolland, who rates the stock at $ 19. "Make no mistake about it … management is describing the crypto GPU hangover, and we think there may be more to come."

Rolland expects that crypto-related GPU issues will be subsidized in a few quarters, "but he's worried that it's going to be another disappointment in the future. Rolland has been released since the spring that AMD's crypto business was more significant than the company let on.

MKM Partners Ruben Roy's analyst also highlighted concern about the GPU business. "Looking ahead," he said, "it's a good idea to have a neutral rating and $ 20 fair- value estimate on the shares.

Read also: AMD's poor outlook, crypto-chip slowdown intensify swoon in semiconductor sector

Related: Why AMD believes it can challenge Intel in servers

Cowen analyst Matthew Ramsay kept his outperform rating and $ 33 target, writing of potential near-term headwinds goal long-term potential. "In the short term, we worry old wounds, limited granular disclosure, crypto exposure and choppy execution will resurface," he wrote. However, we are in the process of gaining success in the past few years (really the last 2.5 years). choppy channel? We would contend no. "

Part of the bull case for AMD hinges on the company's ability to gain share in their systems.

"Servers were presumably up to 50% quarter over quarter," which is "strong double digits", meaning that we are at 2.0% market share or less in the third quarter, "wrote Morgan Stanley's Joseph Moore, who rates the stock at underweight and slashed his target at $ 17 from $ 28. The company's update on the business "raises some doubts about the mid-single-digit market-share target by year end," according to Moore.

See now: Fast-growing chip makers are selling for a discount

AMD is aiming for 5% share by the end of 2018.

Others were more upbeat about AMD's trajectory. The company is making "good progress towards its 2018 server share target," according to Goldman Sachs analysts Toshiya Hari, who rates the stock at $ 27 price target.

Analysts have been hopeful that AMD could capitalize on CPU shortages at Intel

INTC, + 4.30%

, but Morgan Stanley's Moore did not like what he saw there.

"While we're having a better feeling when we have a third party, it seems that the company is gaining a little bit of market share on a microprocessor basis. , He wrote. "Units have been at their highest level in four years, which means that they have recovered from this market."

Intel's stock is up 2.8% in Thursday trading ahead of its own earnings report after the bell.

AMD shares have gained 56% over the past 12 months, while the S & P 500

SPX, + 1.71%

has risen 5.2%.

See also: Where is the bottom for micron and fizzles?

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