Shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) spiked higher on Wednesday after the company reported upbeat third-quarter earnings earlier this week.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Morgan Stanley On Advanced Micro Devices
Analyst Joseph Moore maintained an Overweight rating, while reducing the price target from $138 to $128.
“For us the headline was commentary that MI300 will be at least $2 bn in CY24, with data center GPU at about $400 mm in 1q, mostly from AI,” Moore said in a note.
“That plus substantial server momentum will drive data center from mid $8 bns to $10 bn+,” the analyst wrote. “The bad news is that embedded (Xilinx), which we knew was a problem, was much worse than we thought,” he added.
KeyBanc Capital Markets On Advanced Micro Devices
Analyst John Vinh reiterated an Overweight rating, while slashing the price target from $160 to $140.
AMD reported its third-quarter results broadly in-line with expectations but guided the fourth quarter lower, Vinh said.
“While data center is on track for HSD% growth and 50% ...