AMD (AMD) PT Raised to $32 at Morgan Stanley as Estimates Rise Across Revenue Categories

Morgan Stanley analyst Joseph Moore raised the price target on AMD (NASDAQ: AMD) to $32.00 (from $30.00) after updating assumptions for AMD vs. Intel, raising AMD server numbers slightly and anticipating slightly weaker console revenue (EPS accretive).

The analyst stated "AMD has put itself in a remarkable position. We believe they are likely to gain share in every segment next year, competing successfully with both Intel and NVIDIA while spending a fraction of the R&D that those two companies spend - and generating new opportunities in IP licensing, semi-custom chips, cloud gaming, and supercomputers. In this note, we try to quantify the impact of those successes on 2020 earnings". No change to the Equalweight rating.

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