AMD (AMD) PT Raised to 'Street High' $44 at RBC Capital; Bullish on Cray Deal

RBC Capital analyst Mitch Steves raised the price target on AMD (NASDAQ: AMD) to a 'Street High' $44.00 (from $43.00) while maintaining an Outperform rating.

"We raise our price target on higher margins, higher conviction in revenue growth and the recent Cray announcement which is likely undervalued," the analyst commented.

"When we look at the build of materials for the Cray products the combined content for AMD is likely around 25%. Naturally, with a large win we expect a discount but wouldn't be surprised to see 15-20% of the ~ $1B go to AMD," he added.

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