Morgan Stanley analyst Joseph Moore maintained AMD with an Overweight, raising the price target from $87 to $102.

As per the analyst, the setup for the quarter is interesting, as the stock has appreciated 40% YTD into a significant adverse event, at least as far as the data center is concerned. 

The counterpoint is that AMD is pointing to relevant exposure to AI for the first time in the company's history around MI300, mainly due to the higher complexity of inference for large language models. He notes that anyone with AI exposure has rallied materially.

Rosenblatt analyst Hans Mosesmann reiterates AMD with a Buy and maintains $200 price target.

The analyst expects AMD to deliver in-line earnings for 1Q23 with a downside risk on continued data center inventory adjustment on project push-outs. 

Keybanc analyst John Vinh expects AMD to post in-line results and lower guidance due to incremental cloud softness, delays associated with Genoa's 2DPC performance issue, and a more muted PC recovery. 

Street sentiment on the name remains positive, given anticipation of a PC bottom, exposure to cloud and share gains, and an emerging AI/GPU franchise. The analyst has an Overweight rating with a price target of $110.

Price Action: AMD shares traded lower by 1.52% at $88.83 on the last check Tuesday.

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