AMD’s softer outlook ‘still could be a relief’ after Intel, says Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on AMD (AMD) to $87 from $77 and keeps an Overweight rating on the shares. While AMD’s outlook was "weak," the firm would still characterize it as "better than feared" given the very challenging environment and the context of Intel (INTC) recently guiding for a 20% sequential and 39% year-over-year revenue decline in Q1. Following the report, the firm’s revenue estimates for calendar 2023 "mostly stay the same," but with weaker gross margins forecast.