Advanced Micro Devices (NASDAQ:AMD) could put the semiconductor sector on watch with fourth-quarter financial results published Tuesday after market close.

Here are the earnings estimates, what analysts are saying and key items to watch.

AMD Q4 Earnings Estimates

Analysts expect AMD to report fourth-quarter revenue of $9.67 billion, up from $7.66 billion in last year's fourth quarter, according to data from Benzinga Pro.

The company has beaten analyst estimates for revenue in 12 straight quarters.

Analysts expect AMD to report fourth-quarter earnings per share of $1.24, up from $1.09 in last year's fourth quarter.

The company has beaten analyst estimates for earnings per share in four straight quarters and in eight of the last 10 quarters overall. The other two quarters saw the company meet analyst estimates.

Company guidance calls for fourth-quarter revenue in the range of $9.3 billion to $9.9 billion.

What AMD Analysts Are Saying

AMD's product strength could help against uncertainty for AI demand, Wedbush analyst Matt Bryson said in a recent analyst note.

The analyst reiterated an Outperform rating on AMD with a price target of $290.

"We expect AMD should be able to at least modestly exceed Q4 estimates given strong demand for both PC and server compute," Bryson said.

The analyst said the company could see upside in pricing this quarter due to heightened demand. Bryson highlights the company's consistent performance in its CPU business relative to expectations.

"We believe the shift in demand dynamics has potentially created an intermediate term tailwind that should create a bit more leeway for AMD to execute its AI strategy."

The analyst said China remains a future catalyst, with the country on track to get some AI-related shipments.

"We also see this potential incremental demand as providing a bit more leeway for AMD."

Here are other analyst ratings for AMD and their price targets:

• Wells Fargo: Reiterated Overweight rating with price target of $345
• UBS: Maintained Buy rating, raised price target from $300 to $330
• Piper Sandler: Maintained Overweight rating, raised price target from $280 to $300
• Bernstein: Maintained Market Perform rating, raised price target from $200 to $225

Key Items to Watch in AMD's Q4 Results

With a string of recent earnings beats, expectations for AMD's earnings report could be high. A surging share price may also be counting on heightened expectations.

AMD reported revenue growth of 36% year-over-year in the third quarter, led by Client and Gaming revenue up 73% year-over-year.

Analysts and investors will be looking for similar double-digit growth again, and could perhaps love to see the Data Center segment revenue higher than the 22% year-over-year growth in the third quarter.

AMD's past guidance has not included shipments to China and the company's future guidance will be a key item watched on Tuesday.

AMD Stock Price Action

AMD shares were up 4% to $246.27 on Monday versus a 52-week trading range of $76.48 to $267.08. AMD stock is up 116% over the last 52 weeks.

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