AMD (AMD) PT Lowered to $230 at KeyBanc

KeyBanc analyst Justin Vinh lowered the price target on AMD (NASDAQ: AMD) to $230.00 (from $270.00) while maintaining a Overweight rating.

The analyst commented, "AMD posted solid 1Q results, which were slightly above expectations. 1Q results were driven by strong data center as MI300X revs (~$600M) and server CPU (Genoa), along with Client, offset weaker results in Embedded and Gaming. Additionally, AMD increased its 2024 data center GPU outlook to $4B vs. $3.5B prior. We believe the $4B outlook is likely to be viewed as disappointing and reflects NT impacts from MSFT order cuts and HBM3 performance issues. However, we still believe the GPU outlook is likely to be conservative and that there is still greater demand than what AMD can supply this year. We're lowering our 2024 GPU est to $6B from $8B and our PT to $230. Remain Overweight."

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