Oppenheimer: Advanced Micro Devices Continues to Make Strides in Server
According to a research report released by Oppenheimer earlier today, Advanced Micro Devices (NYSE: AMD) reported 4Q sales/non-GAAP EPS of $1.69B/$0.19 versus consensus $1.72B/$0.16.
“Weakness in PC and GPU was largely offset by strength in Server and a seasonal uptick in gaming console revenues. GMs rebounded 1% Q/Q to 45.7% as mix improved within GPU and AMD saw an uptick in higher margin gaming console revs. AMD guided 1Q down 8% Q/Q, in line with INTC and typical 8-10% seasonal decline. With the stock up 21% YTD, we believe shares could see some pressure Wednesday given the lackluster results/outlook. We remain on the sidelines as AMD remains precariously positioned between two larger/stronger CPU/GPU competitors in INTC/NVDA,” Oppenheimer said in the report.
Oppenheimer maintains its Perform rating on Advanced Micro Devices, which closed yesterday at $6.53.
