AMD (AMD) PT Lowered to $180 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the price target on AMD (NASDAQ: AMD) to $180.00 (from $200.00) while maintaining a Overweight rating.

The analyst commented, "AMD slightly beat street consensus for the September quarter on the top line and met expectations for December guidance. That said, the highlight of the call was that 2024 GPU revenues are expected to be above $5B, which had been the benchmark for investors. Management also noted that almost all customers are very open to engaging with AMD on its accelerator platform. We continue to believe that GPU along with client and server businesses are set to stand out while gaming and embedded appear to be a headwind given end of life and a slow recovery, respectively. AMD is making progress within its core data center segments, and we believe the acquisition of ZT Systems will allow AMD to broaden its offering within the AI accelerator market starting next year. Reiterate OW rating. PT to $180."

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