TECH - Despite Mixed Market Trends AMD Receives Strong Support from Analysts Ahead Of Q3 | Benzinga
Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on Advanced Micro Devices, Inc (NASDAQ: AMD) and a price target of $200.
The analyst expects AMD to deliver in-line 3Q23 earnings results on mixed-end market trends with more robust data center and PC CPU dynamics, offset by weaker enterprise, embedded, and PC gaming.
Mosesmann sees a more robust 4Q23 outlook above consensus expectations as data center CPU share gains continue to accelerate (amid inventory normalization), a return to gaming seasonality that offsets embedded weakness and console weak seasonality.
Mosesmann expects AMD to strike a bullish posture in all strategic product areas, including the new MI300A/X APU/GPU compute accelerators, which he sees as much more competitive than the Street believes.
AMD is installing MI300A into the El Capitan supercomputer for the LLNL and the MI300X (sampling) to ramp early in 2024 in volume in the discrete GPU accelerator segment vs. Nvidia Corp (NASDAQ: NVDA) Hopper and Intel Corp (NASDAQ: INTC) Gaudi 2/3.
AMD remains a top 3 pick for the analyst.
Raymond James analyst Srini Pajjuri reiterated a Strong Buy with a price target of $145 on server gains, solid execution, and long-term AI opportunity.
He expects a slight upside to 3Q and is mainly in line with the consensus ...