Morgan Stanley lowered the firm’s price target on AMD (AMD) to $121 from $137 and keeps an Equal Weight rating on the shares. AMD posted “a strong quarter,” with strength in PC client driving the upside, but the mix with more client and less datacenter was “somewhat underwhelming,” the analyst tells investors. Guidance going up to $7.4B versus consensus at $7.2B is “impressive” given $700M of lost China revenue around export controls and double digit AI growth for the year was better than the firm’s preview, albeit back half loaded, the analyst added.
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