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Stifel: AMD a Buy, three medium-term growth drivers seen

Published 2024-06-18, 01:40 p/m

Stifel maintained a Buy rating and price target of $200 per share on AMD (NASDAQ:AMD) in a note Tuesday, despite the stock's underperformance relative to the broader market and competitor Nvidia.

Analysts acknowledge mixed sentiment on AMD due to concerns around future performance in AI, PC, and server markets. However, the note highlights three key drivers for AMD's medium-term growth:

AI Infrastructure Investment: Analysts see AMD benefiting from ongoing investments in AI infrastructure.

Continued x86 CPU Share Gains: Analysts expect AMD to continue capturing market share in the x86 CPU market from its competitors.

AI-Driven PC Refresh Cycle: The report anticipates an upcoming PC refresh cycle fueled by the adoption of AI technologies, which could benefit AMD's processor sales.

Analysts' confidence in these growth drivers outweighs current market concerns, leading them to reiterate their Buy recommendation for AMD.

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