AMD (AMD) PT Raised to $135 at Rosenblatt
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Rosenblatt analyst Hans Mosesmann raised the price target on AMD (NASDAQ: AMD) to $135.00 (from $120.00) while maintaining a Buy rating.
The analyst commented, "Another strong beat and raise for AMD with an onslaught of new products that just keep coming driving the outlook for 1Q21 of better than seasonal and 2021 to up +37% y/y (NOT dependent on upside supply of wafers or substrates). The new server EPYC3 Milan, which helped drive improving Cloud/Enterprise strength through 4Q20 and into 1Q21, is giving AMD the best visibility in years with increased momentum in broader Cloud customers, workloads, and Enterprise.
Two items caught our attention on the call: 1) AMD sees no Cloud inventory digestion issue whatsoever as expressed by Intel for 1H21 and supply tightness to improve in 2H21 (more a substrate issue than TSMC wafer issue), and 2) the EPYC server business strengthened as 4Q20 progressed. Both commentaries support our view that Intel’s Ice Lake is not capturing the design wins it hoped for as the specs of this product become more widely known to offset Milan’s momentum."
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