AMD (AMD) PT Raised to $40 at Argus; Shares Not Overvalued
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Argus analyst Jim Kelleher raised the price target on AMD (NASDAQ: AMD) to $40.00 (from $23.00) while maintaining a Buy rating.
Kelleher said AMD’s Epyc server chip represents a current and future threat to Intel’s hegemony in data center CPUs. Meanwhile, the company’s Ryzen CPUS are being used in more and more desktop and notebook PCs.
"AMD made strategic decisions several years ago about its CPU and GPU roadmaps," the analyst notes. "These roadmaps, along with Intel’s stumbles, have positioned AMD for future growth."
"While investor enthusiasm toward the stock risks outstripping fundamentals, we do not believe that AMD shares - which spent decades in the stock wilderness - have become overvalued," he added.
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