AMD stock gets an upgrade as analyst says recession worries are already priced in [MarketWatch]
Advanced Micro Devices, Inc. (AMD)
Last advanced micro devices, inc. earnings: 4/28 04:25 pm
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Source: MarketWatch
Advanced Micro Devices Inc. likely wouldn't be immune to the effects of a recession, but Northland Capital Markets analyst Gus Richard said that risk is already baked into AMD's stock price. While he brought down various estimates on AMD AMD, Thursday and cut his price target to $95 from $97, he also turned bullish on the stock, upgrading it to outperform from market perform. Richard noted that AMD shares have fallen roughly in half from their November peak, and a key valuation metric has come down as well. The stock currently trades at 16 times estimates for 2023, compared with 32 times 2023 estimates as of the beginning of this year. “We believe macro headwinds are now in our estimates and the share price,” he wrote. Richard now expects that AMD's revenue from PC CPUs will fall 6% next year, while GPY revenue could drop 7%. “AMD in servers CPUs is at the top of the stack next year we believe AMD will see little impact on this business in CY23,” he added. Overall, Richard
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