AMD price target raised to $95 from $80 at KeyBanc

KeyBanc analyst John Vinh raised the firm’s price target on AMD to $95 from $80 and keeps an Overweight rating on the shares after the company posted solid Q4 results, which were slightly above and guided Q1 2023 lower, due to weak PC and gaming demand, and given excess inventory at cloud hyperscale customers. AMD did not guide 2023 and would not endorse revenue growth, but anticipates a second half of the year recovery with full-year growth in data center and embedded, the firm notes. While the correction in data center was worse than expected, KeyBanc sees more favorable risk/reward following the reset and wants to own AMD for continued data center growth and share gains.