AMD (AMD) PT Raised to $280 at Stifel

Stifel analyst Ruben Roy raised the price target on AMD (NASDAQ: AMD) to $280.00 (from $240.00) while maintaining a Buy rating.

The analyst commented: "AMD delivered strong, above consensus 3Q results and 4Q outlook. We believe near-term outperformance is being driven more by increasing demand for server CPUs and continued market share gains in client CPUs than DCAI GPUs, which, we believe, are on track to increase to $6bn - $6.5bn this year from our estimate of $5bn in 2024. Looking ahead, we continue to believe that AMD is executing well as the company nears production shipments of the MI400/450 series GPUs and the Helios rack next year. Recent announcements with OpenAI and OCI provide longer-term DCAI growth visibility, and we believe that additional engagements could drive further upside in an AI infrastructure TAM that continues to expand. We expect the company to provide more detail on its technology roadmap, customer traction and market sizing at the 2025 Analyst/Investor Day next week. Reiterate Buy; target price to $280."

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