AMD price target lowered to $120 from $150 at Raymond James

Raymond James lowered the firm’s price target on AMD (AMD) to $120 from $150 and keeps an Outperform rating on the shares. AMD’s Q1 results and Q2 revenue outlook were slightly better than consensus, despite a $700M headwind from China export restrictions in Q2, the analyst tells investors in a research note. Additional lighthouse and hyperscale customer announcements appear likely at the upcoming AI event on June 12, the firm says, adding that it believes a 10%-20% AI GPU unit share is not “unreasonable” longer-term, which should drive double digit growth for the next 2-3 years.