Morgan Stanley analyst Joseph Moore noted that the firm named AMD (AMD) as its Top Pick in December "knowing (and highlighting) that there was some risk" in Q1 from hyperscale weakness. While stating that the risk "does loom a bit larger" given the recent upgrades, share price appreciation, and the "surprising magnitude of inventory excess" at competitor Intel (INTC), the firm still thinks that full year numbers look "reasonable" for AMD and it keeps an Overweight rating and $77 price target on AMD shares.
Published first on TheFly
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