Technology

Advanced Micro Devices (NASDAQ:AMD) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/31/2024 15.87% Wells Fargo $165 → $190 Maintains Overweight 01/31/2024 18.92% Northland Capital Markets → $195 Upgrades Market Perform → Outperform 01/31/2024 21.97% Wedbush → $200 Reiterates Outperform → Outperform 01/31/2024 9.77% Raymond James $195 → $180 Maintains Outperform 01/31/2024 21.97% Susquehanna $210 → $200 Maintains Positive 01/31/2024 52.46% Rosenblatt $200 → $250 Maintains Buy 01/31/2024 17.09% Citigroup $136 → $192 Maintains Buy 01/31/2024 9.77% JP Morgan $115 → $180 Maintains Neutral 01/31/2024 9.77% Goldman Sachs $157 → $180 Maintains Buy 01/31/2024 64.66% Keybanc $195 → $270 Maintains Overweight 01/30/2024 21.97% Rosenblatt → $200 Reiterates Buy → Buy 01/30/2024 18.92% Raymond James $190 → $195 Downgrades Strong Buy → Outperform 01/29/2024 15.87% Cantor Fitzgerald → $190 Reiterates Overweight → Overweight 01/29/2024 17.7% Morgan Stanley $128 → $193 Maintains Overweight 01/29/2024 […]

Advanced Micro Devices is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. After trading closed Tuesday, the chipmaker posted a fourth-quarter profit of $667 million, or 41 cents a share, beating analysts’ expectations for per-share earnings of 25 cents. Revenue rose 10% to $6.17 billion, higher than the $6.13 billion that analysts were expecting. However, AMD forecast $5.4 billion, plus or minus $300 million, in revenue in the first-quarter of 2024, below analysts’ expectations of $5.73 billion. Dow Jones & Co. owns Factiva.

Advanced Micro Devices’ (AMD) Q1 sales outlook of $5.4 billion, plus or minus $300 million, was “slightly worse” than the consensus of $5.8 billion, BofA Securities said in a note Tuesday. The firm’s forecast is revenue of $5.5 billion. “Weak outlook is primarily in programmable chips, gaming and PC, deeper than expected,” BofA said. The firm also said that the company’s data center segment is “strongly on track” and points to “continued share gains” against Intel (INTC). BofA increased the data center sales forecast for AMD by 5% to 6% to $12 billion in 2024 and to $15.9 billion in 2025. The firm lowered its EPS estimates for the company to $3.62 from $3.83 in 2024 and to $5.07 from $5.20 in 2025. BofA maintained the buy rating and $195 price objective on AMD stock.

AMD’s projected slump in its gaming business isn’t worrying analysts at UBS. They say in a research note that the gaming segment is seeing a larger-than-expected correction, as the chipmaker forecasts an implied 30% sequential drop in gaming revenue in the next two quarters. Still, the analysts say AMD raised its implied revenue guidance for its data center business, which includes AI chips. That segment is core to their investment thesis, and they see it on track to generate half of revenue in 2024. “If this were AMD’s only business, this would have been a great result & guidance as momentum continues to grow,” they say. Shares fall 2.5% to $167.74.