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AMD (AMD) PT Raised to $70 at Rosenblatt on Stronger Than Expected Guidance

April 29, 2020
Hans Mosesmann

Rosenblatt analyst Hans Mosesmann raised the price target on AMD (NASDAQ: AMD) to $70.00 (from $65.00) after the company reported 1Q20 sales of $1.79 billion, down -16% q/q but ahead of the consensus $1.78 billion. Weakness in game console sales offset strength in data center. A solid forward guide despite C-19 dynamics amounted to management taking 2020 sales growth guide down only slightly, to 25% from 28%-30%.

The analyst maintained a Buy rating, stating "We like the setup for the rest of 2020 as market share accelerates in CPUs and in servers, which will continue when EPYC3 Milan launches in 4Q20 as was reiterated. Intel’s 10nm+ Tiger Lake and Xeon Ice Lake are late (relative to 7nm AMD), and we see as not adequate to slow the AMD 7nm onslaught".

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