BMO Capital analyst Ambrish Srivastava upgraded AMD (AMD) to Outperform from Market Perform with a price target of $115, up from $100. The analyst sees a “sustainable compute franchise as a result of continued superior execution on all fronts under Dr. Su’s leadership.” Srivastava is hearing of “continued momentum” and sees AMD’s server share continuing to expand. While recognizing the near-term headwinds, largely stemming from the PC market, and cutting estimates for 2022 and 2023, the analyst is “looking at the longer-term earnings power” for the company. Srivastava sees a path to sustained share gains against Intel (INTC).
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