Here's Why Raymond James Sees 75.4% Upside In AMD; Upgrades To Strong Buy - Advanced Micro Devices (NASDAQ:AMD)

Raymond James analyst Chris Caso upgraded Advanced Micro Devices Inc AMD to Strong Buy from Outperform with a $160 price target. The price target implies a 75.4% upside.
As Caso became more concerned about cycle risks, given the potential for slowing consumer demand and elevated inventory levels at customers, he favored those semi companies with strong secular drivers, more muted cyclical exposure, and attractive valuations.
Caso had strong confidence regarding AMD’s position and share gains in the data center market.
He saw the technology gap between AMD and Intel Corp INTC widen when Genoa came out in 4Q21.
With INTC’s roadmap not showing parity with AMD until at least the end of 2024, he saw continued share gains for AMD in the data center are likely inevitable, and tight supply conditions encouraged customers to commit to AMD to ensure supply.
Price Action: AMD shares traded higher by 1.30% at $89.29 on the last check Monday.