AMD price target raised to $280 from $275 at Mizuho

Mizuho analyst Vijay Rakesh raised the firm’s price target on AMD (AMD) to $280 from $275 and keeps an Outperform rating on the shares. The company announced an expanded partnership with Meta to ramp Instinct deployments, the analyst tells investors in a research note. Mizuho estimates 600 basis points of gross margin dilution from the warrants, but says AMD noted the deal is accretive to revenue and earnings. It sees AMD benefiting from the “incremental cornerstone customer,” with some offset with lower margins.