Citi analyst Christopher Danely upgraded AMD to Buy from Neutral with a price target of $136, up from $120. The company reported “good” Q2 results and bad news of trimmed guidance “ain’t that bad,” the analyst tells investors in a research note. The firm thought AMD’s artificial intelligence products would remain margin dilutive and investors would eventually care about the stock’s “expensive valuation.” However, the firm admits to being “wrong on both counts.” As such, Citi upgraded AMD to buy post the results.
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