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AMD (AMD) PT Raised to $120 at BofA Securities as Data Center Success Highlights Possible Breakout Potential

June 30, 2021 6:39 AM EDT
Get Alerts AMD Hot Sheet
Price: $112.12 +0.12%

Rating Summary:
    33 Buy, 18 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 72
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BofA Securities analyst Vivek Arya raised the price target on AMD (NASDAQ: AMD) to $120.00 (from $110.00) after the company demonstrated its supercomputing success with share increasing to 9.8%, 5x YoY) and a recent endorsement by Google. These two events suggest break-out potential in AMD’s data center segment.

The analyst maintained a Buy rating, stating "even if supply constraints limit further CY21 revision, the improving mix towards data center could provide catch-up potential. We find valuation compelling (only semis below its 3-yr median forward PE), and at 6x CY22E EV/S a nearly 50% discount to SPX Infotech growth peers. We reiterate our Buy, raise our PO to $120 (30%+ upside) from $110 now on 45x CY22E EPS (vs. 42x prior) in line with growth peers".



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Analyst Comments, Analyst PT Change