Advanced Micro Devices Inc (NASDAQ:AMD) stock closed higher along with its peers Thursday, following upbeat quarterly results from Lam Research Corp (NASDAQ:LRCX) and Meta Platforms, Inc (NASDAQ:META).

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

The analyst sees AMD delivering in-line 2Q23 results in a transitional quarter leading into a second half that has multiple growth drivers in CPUs (recovery from inventory situation and share gains), early ramps in the MI300 GPU compute series, normalized FPGA trends in automotive/industrial, and seasonal game console dynamics. 

AMD is likely one of the top names that the Street is bearish on in semiconductors today, under the notion that their new products are not good enough, are being delayed, or because Intel Corp (NASDAQ:INTC) has some new product that is going to shift the competitive dynamic from who knows where.

Price Actions: AMD shares closed higher by 0.92% at $111.10 on Thursday.

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