Shares of Advanced Micro Devices (NASDAQ:AMD) fell slightly in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.77, which was in line with analysts’ consensus estimate. Sales increased by 10.7% year-over-year, with revenue hitting $6.2 billion. This beat analysts’ expectations by $60 million.
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Looking forward, management now expects revenue and adjusted gross margin for Q1 2024 to be $5.1 billion to $5.7 billion and 52%, respectively. For reference, analysts were expecting $5.57 billion in revenue.
Is AMD a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMD stock based on 28 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 130% rally in its share price over the past year, the average AMD price target of $165.65 per share implies 4.25% downside risk.
