Piper Sandler Reiterates Overweight on AMD, $600 PT
Piper Sandler analyst David O’Connor reiterated an Overweight rating and $600 price target on AMD (NASDAQ: AMD).
“Feedback from Q3 Pre-Quiet Period Call; Today AMD IR held its Q3 pre-quiet period call for sellside.
Overall message was reassuring, with ramp-ups across CPU and GPU products on track, with demand well ahead of available supply.
Discussion touched on Helios server ramp-up, Venice CPUs, Optics (scale-up architecture), HBM supply and memory dynamics, margins and client/gaming segments.
Directionally, the business is running full-steam ahead as demand continues to outpace supply. Programs are on track, with supply in place to support guidance and potentially exceed expectations.
Overall, tone was quite positive and we remain bullish on AMD and see it as the sweet spot to play Agentic AI.
See our initiation on AMD from last week as well as our in-depth thematic on AI Compute ‘Starving for Compute.’”
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