Benchmark Co. analyst Cody Acree has reiterated their bullish stance on AMD stock, giving a Buy rating yesterday.
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Cody Acree has given his Buy rating due to a combination of factors that highlight Advanced Micro Devices’ strong market performance and growth potential. The company reported robust second-quarter revenue, significantly surpassing expectations despite challenges such as export restrictions. This growth was driven by record sales in its EPYC server CPUs and Ryzen client CPUs, along with increased demand for Radeon Desktop GPUs and higher shipments of semi-custom game consoles.
Furthermore, AMD’s outlook for the third quarter is promising, with anticipated revenue growth driven by the ramp-up of its new AI GPU, MI350, and continued strength in its core markets. Despite a slight dip in share prices due to profit-taking, Acree is optimistic about AMD’s future, citing its competitive edge over Intel and the successful integration of its products into Dell’s portfolio. The expected ramp-up of the MI355 and MI400 platforms further supports Acree’s positive outlook, leading to an increased price target of $210, reflecting confidence in AMD’s sustained growth trajectory.
According to TipRanks, Acree is a 5-star analyst with an average return of 21.8% and a 65.80% success rate. Acree covers the Technology sector, focusing on stocks such as Silicon Laboratories, indie Semiconductor, and ARM Holdings PLC ADR.
In another report released yesterday, Roth MKM also maintained a Buy rating on the stock with a $200.00 price target.