AMD upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded AMD (AMD) to Outperform from Peer Perform with a $300 price target as part of a Q3 preview for the semiconductor group. Following the company’s OpenAI win, Wolfe sees $10-plus in earnings per share power for AMD. The company “now simply needs to execute,” and estimates have upside if AMD finds traction beyond OpenAI, the analyst tells investors in a research note. The firm also thinks estimates can go up in the near term due to traditional server strength.