Evercore ISI initiated coverage of AMD (AMD) with an Outperform rating and $200 price target. The firm views AMD as a beneficiary of “the Tectonic Shift in Computing to Parallel Processing Era” as it captures greater share of server CPUs as well as share in the merchant accelerator market with its Mi300 series products. The firm believes AMD is establishing itself as a solid second source to Nvidia (NVDA) in merchant accelerators, and that position could accelerate with progress on its chip, hardware and software ecosystem, the analyst tells investors.
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