UPDATE: AMD (AMD) PT Raised to $170 at Goldman Sachs

(Updated - November 9, 2021 4:34 AM EST)

Goldman Sachs analyst Toshiya Hari raised the price target on AMD (NASDAQ: AMD) to $170.00 (from $137.00) while maintaining a Conviction Buy rating.

The analyst comments "On 11/8, at its Accelerated Data Center Premiere event, AMD management discussed recent customer wins in the data center space and shared an update to its technology and product roadmap. We were particularly surprised by the Meta/Facebook design win (note FB has historically been a loyal user of Intel processors, per our checks), and were also encouraged by the company's updated server CPU product pipeline (i.e. Milan-X [launch in 1Q22], Genoa [production and launch in 2022], and Bergamo [to ship in 1H23]). In short, we expect AMD -- backed by its technology leadership and strong execution -- to grow market share, margins, EPS, and FCF above/beyond what the Street has modeled today. We raise our 12-month price target to $170 (from $137 prior) and reiterate our Buy rating (also on the Conviction List) on the stock. Please see our full note for a summary of the key takeaways from the event as well as the rationale behind our price target update."

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