Shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) declined in early trading on Wednesday, after the Santa Clara, California-based company reported its quarterly results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
Northland Capital Markets analyst Gus Richard upgraded the rating to Outperform, while establishing a price target of $195.
Truist Securities analyst William Stein reiterated a Hold rating, while lifting the price target from $154 to $174.
KeyBanc Capital analyst John Vinh reaffirmed an Overweight rating, while raising the price target from $195 to $270.
Bernstein analyst Stacy Rasgon maintained a Market Perform rating, while raising the price target from $120 to $140.
Wedbush analyst Matt Bryson reiterated an Outperform rating and price target of $200.
Bank of America Securities analyst Vivek Arya reaffirmed a Buy rating and price target of $195.
Oppenheimer analyst Rick Schafer maintained a Perform rating on the stock.
Check out other analyst stock ratings.
Northland Capital Markets: There is weak demand for chips except for non-AI products, while the expectations for AI chips are high, Richard said. “We expect demand to improve for non AI products throughout the year, and based on AMD’s strong execution there is likely still some upside to our AI forecast,” he added.
“Customers are desperate” for a second source to Nvidia Corp (NASDAQ: NVDA), Richard stated.
Truist Securities: Advanced Micro Devices reported its fourth-quarter results in-line with expectations, while first-quarter guidance “was weak on gaming & embedded,” Stein said.
“Most important: while it may not have been the magnitude of upside that some were expecting, mgmt raised its 2024 DC AI accelerator guidance from $2B to $3.5+B, and established a $400B TAM estimate,” he added.
KeyBanc Capital Markets: “While Data Center GPUs exceeded 4Q guidance of $400M with 2024 expectations raised to $3.5B from $2B, this was offset by weak traditional server demand, continued destocking in Embedded, and weak Gaming,” Vinh wrote in a note.
“While disappointed with non-GPU results, we’re encouraged with the strong GPU revs and commentary,” he added.
Bernstein: Advanced Micro Devices announced disappointing first-quarter guidance, “with…
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