AMD (AMD) PT Raised to $120 at Craig-Hallum After a Broad Based Blowout
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Craig-Hallum analyst Christian Schwab raised the price target on AMD (NASDAQ: AMD) to $120.00 (from $100.00) after the company reported a broad based blowout. Q4 results and Q1 guidance showed broad-based strength across PCs, datacenters, and semi-custom gaming console products. The company saw its desktop CPU revenue grow strong double-digits year-over-year driven by demand for the company’s expanding Ryzen products. The company also set quarterly and annual records for notebook processor unit shipments.
The analyst reiterated a Buy rating, stating "With the PC market forecasted to be up again in 2021, AMD expects to outperform the market with its strengthening new product lines. The company set an all-time record for annual server processor revenue in 2020 with server revenue more than doubling year-over-year and overall datacenter revenue accounting for high-teens percent of total revenue in 2020. Cloud adoption remains strong with hyperscale customers including Google, Microsoft, Amazon, Alibaba, Tencent and others continuing to expand their use of EPYC products".
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