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AMD’s Strong Future Performance and Growth Potential Bolstered by MI300 Line and Datacenter Opportunities – TipRanks Financial Blog

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TD Cowen analyst Matt Ramsay reiterated a Buy rating on Advanced Micro Devices (AMDResearch Report) today and set a price target of $185.00.

Matt Ramsay has given his Buy rating due to a combination of factors that suggest strong future performance for Advanced Micro Devices (AMD). His confidence is largely attributed to the company’s material upside and continued momentum, particularly in the MI300 product line. Despite quarter-over-quarter declines in certain segments like Gaming and Embedded, the raised guidance for MI300 revenue to more than $3.5 billion in 2024, up from a prior expectation of more than $2 billion, indicates substantial growth potential. Ramsay reiterates the Outperform rating with a price target of $185, underlining the positive outlook for AMD.

Moreover, Ramsay’s analysis acknowledges the challenges presented by the macroeconomic environment, yet he emphasizes the strategic importance of AMD’s MI300 and GenAI products. The anticipated server share gains from AMD’s 4th Gen EPYC platform and the upcoming 5th Gen Turin are expected to drive continued momentum. There is also a notable expansion in the mix of Datacenter opportunities, which is likely to contribute to margin expansion. The forecast for margin growth is supported by a richer product mix, potential macro recovery, and strong demand for AMD’s datacenter GPUs, which promise to elevate AMD’s financials over the coming years.

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Advanced Micro Devices (AMD) Company Description:

Founded in 1969, California-based Advanced Micro Devices, Inc. is America’s leading semiconductor company. The Computing and Graphics segment includes desktop and notebook processors and chipsets, discrete and integrated graphics processing units, data center and professional GPUs and development services. The Enterprise, Embedded and Semi-Custom segment includes server and embedded processors, semi-custom System-on-Chip products, development services and technology for game consoles.

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