HSBC upgrades AMD stock to Buy on massive AI TAM
) stock is receiving a shot in the arm from HSBC's bullish upgrade. This upgrade comes after a period of decline for AMD, which investors will be hoping signals a turn-around for the chipmaker.BofA analysts said they continue to like AMD, citing the chipmaker’s consistent performance and growing opportunities in the lucrative compute and AI markets. In addition, they find the sales forecast for the current year, CY24E, to be achievable.
“Our guess is that the number can still come up; despite recent angst, we see no change from the supply chain,” they added.) aggressive price per teraflop for the Blackwell ramp next year. “We need to see AMD’s response to this,” they declared.In a note to clients Tuesday, the bank said the artificial intelligence total addressable market is “more than enough to go around.” The firm upgraded AMD to Buy, raising the price target to $225 from $180 per share.
“We expect AMD’s next generation AI chip solutions, such as the MI350/MI375/MI400 to be launched in 2H 2024, to be more direct competition to Nvidia’s GB200,” said HSBC analysts.
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