AMD price target lowered to $130 from $145 at Jefferies

Jefferies lowered the firm’s price target on AMD to $130 from $145 and keeps a Buy rating on the shares following the company’s Q3 EPS beat and Q4 EPS outlook miss. While the firm lowered its estimates and price target after the report, in noted the “positive surprise” that AMD now expects its AI product family, MI300, to ship $2B in 2024, starting at $400M in both Q4 and Q1 of 2024. The firm is “incrementally positive” on AMD’s “ability to crack into the DC AI market,” the analyst tells investors.