AMD price target raised to $150 from $110 at KeyBanc

KeyBanc analyst John Vinh raised the firm’s price target on AMD (AMD) to $150 from $110 and keeps an Overweight rating on the shares. The firm’s May results indicate cloud instances grew slightly month-over-month and decelerated year-over-year, compared with April, reflecting modest growth in U.S. cloud, while China cloud begins to stabilize sequentially. Sequentially, AMD grew the most, while Intel (INTC) was flat month-over-month and Nvidia (NVDA) contracted 1% month-over-month. AMD CPU instance growth of +3% month-over-month was led by initial ramps of Genoa-X, particularly at Microsoft’s (MSFT) Azure, with Rome. KeyBanc views growth at U.S. CSPs as positive for AMD.