KeyBanc Raises AMD Price Target to $530

KeyBanc analyst John Vinh raised the price target on AMD (NASDAQ: AMD) to $530.00 (from $330.00) while maintaining a Overweight rating.

“AMD posted strong 1Q results and 2Q guidance, which exceeded expectations.

1Q was mostly driven by Client and DC to a lesser extent, while 2Q upside is mostly being driven by server CPU, which grew +50% y/y in 1Q and expected +70% y/y in 2Q.

AMD now sees the server CPU TAM at $120B by 2030 vs. $60B prior. AI GPUs missed expectations and declined in 1Q q/q due to the decline in China revs but expected to grow +DD% q/q in 2Q.

MI450/Helios and the ramp of META’s 6GW deal is reiterated to be on track for 2H.

We’re encouraged by these results and are raising ests and our PT to $530. Reiterate OW.”

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