AMD: datacenter momentum here to stay. Upgrade to Neutral, $65 TP.
AMD has deployed a flawless re-entry in the server CPU market, and is now a credible challenger to Intel for the years to come. Yesterday’s warning confirmed that the horizon is more cloudy on the PC CPU front, and Gaming and Embedded are likely to peak soon on their respective cycles, but AMD is now a more diversified, good quality player, and valuation has come down to levels offering limited further downside.We therefore upgrade the name to Neutral, and would consider a further upgrade when expectations for PC, Gaming, and Embedded, are at a low point.
Advanced Micro Devices is a semiconductor company. The company primarily provides x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit, chipsets, graphics processing units (GPUs), data center and personnel GPUs, and development services; server and embedded processors, semi-custom System-on-Chip products, development services and technology for game consoles. The company also licenses portions of its intellectual property portfolio. The company's segments are: Computing and Graphics, which consists of desktop, notebooks, commercial, and chipsets products; and Enterprise, Embedded and Semi-Custom, which includes server processors, and embedded P\processors products.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.