AMD price target raised to $190 from $140 at Piper Sandler

Piper Sandler raised the firm’s price target on AMD (AMD) to $190 from $140 and keeps an Overweight rating on the shares. The firm notes AMD beat slightly on the top line and guided for revenue to be better than expectations for the September quarter. However, Piper feels that within this guidance beat, the key story is getting lost. In its opinion, the key story revolves around the strong return of the MI series particularly with ramp of the MI350. Based on the commentary and the implied guidance, it appears that the MI350 is seeing a very strong ramp and the September quarter has a potential to be the biggest quarter that AMD has printed for the GPU business.