Wells Fargo analyst Aaron Rakers lowered the firm’s price target on AMD to $130 from $150 and keeps an Overweight rating on the shares following quarterly results. The firm notes that MI300 datacenter GPU ramp across multiple large cloud customers into 2024 should offset share pressure via below-consensus Q4 guide. Wells also points out that DC GPU revenue was guided to over $2B in 2024, solidly ahead of its previewed raise to $1.7B + positive Zen4 EPYC ramp.
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