KeyBanc raised the firm’s price target on AMD (AMD) to $530 from $330 and keeps an Overweight rating on the shares. The firm notes AMD posted strong Q1 results and Q2 guidance, which exceeded expectations. Q1 was mostly driven by Client and data center to a lesser extent, while Q2 upside is mostly driven by server CPU, which grew 50% year-over-year in Q1 and expected 70% year-over-year in Q2. KeyBanc is encouraged by these results and is raising estimates.
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