Stifel analyst Ruben Roy reiterated a Buy rating and $200.00 price target on AMD (NASDAQ: AMD).

The analyst commented: "AMD delivered strong quarterly results with revenue coming in above expectations as MI300 sales continue to ramp, EPYC Turin processors continue to take share and Ryzen PC CPU demand improves. As was widely expected, management increased 2024 MI300 guidance to $5.0bn+, up from the most recent outlook for $4.5bn+ and original expectations for $2bn. Data center revenue increased 122% y/y to $3.5bn with MI300 likely exceeding $1.5bn and approaching server CPU revenue levels. We continue to expect strong follow through on AI compute sales in 2025 as the MI325 series of processors ramps. While management noted that data center infrastructure builds at a handful of large customers can, at times, be lumpy, we continue to expect significant growth, particularly in the 2H of the calendar year. Management commentary was largely in line with our expectations, and we continue to expect AMD to benefit from a multi-year AI infrastructure investment cycle."

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Shares of AMD closed at $166.25 yesterday.