[ad_1]
Advanced Micro Devices is a buy ahead of its upcoming earnings report and has room to grow in the next few months, Wells Fargo said on Wednesday. Analyst Aaron Rakers reiterated his overweight rating on the name and increased his price target to $185 from $120. That reflects 18.9% upside from Tuesday’s close. “We think AMD will point to confidence in the trajectory to y/y AMD’s datacenter GPU growth into 2H25,” Rakers wrote in a Wednesday note, adding that such growth will be driven by the ramp up of MI355X chips , which began shipping last month. The analyst’s forecast comes as the stock has surged more than 76% in the past three months, far surpassing the S & P 500’s three-month gain of more than 18%. It’s also risen more than 31% in the past six months. AMD 3M mountain AMD, 3-month Along with the company’s datacenter growth trajectory, Rakers also anticipates that it’ll highlight its roadmap execution, particularly when it comes to its fifth generation Epyc processors dubbed Turin. “We expect AMD results to highlight the company’s position as a continued share gainer in server [central processing units] with a materializing ramp of Turin Zen 5-based EPYC CPUs + continued adoption of the Zen 4-based Genoa / Bergamo EPYC CPUs,” the analyst also said. “We remain confident in AMD’s strong roadmap execution,” he continued, saying there should appear to be “ample room for enterprise driven growth.” AMD is set to report earnings Aug. 5 after the bell. Rakers’ bullish call is among the 37 total analysts that have a strong buy or buy-equivalent rating on the name, according to LSEG. Fifteen other analysts have stepped to the sidelines with a hold rating on the name. However, AMD has an average target of nearly $138, implying more than 11% downside potential.
[ad_2]
Source link
