UPDATE: AMD (AMD) PT Raised to $9 at Citi
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Citi analyst Christopher Danely raised the price target on AMD (NASDAQ: AMD) to $9.00 (from $8.00) while maintaining a Sell rating.
The analyst comments "Valuation still at the peak despite minimal profitability – reiterate Sell. AMD is trading at 8.6x NTM sales – its historic peak. We increase our TP from $8.00 to $9.00 based on C21E P/S of 1.6x, above its historical midpoint due to the company being profitable."
Further Danely comments "Yesterday after the close, AMD posted strong results and guidance as previewed due to strength from the gaming and data center end markets (combined of roughly 28% of 2Q20 revenue). Despite the upside, we reiterate our Sell rating on AMD due to high valuation and downside to estimates given our expectations of a price war and PC/data center slowdown."
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