Goldman Sachs analyst Toshiya Hari maintained Advanced Micro Devices Inc (NASDAQ:AMD) with a Buy and raised the price target from $137 to $157.
Hari increased his 2024 and 2025 revenue estimates for AMD by 7% and 10%, respectively, as he reflected on last week's supply chain checks that indicated broad-based adoption of the company's MI300 Data Center GPU offering across the cloud and enterprise markets.
Precisely, for Data Center GPUs, the analyst now models 2023, 2024, and 2025 revenue of $595 million, $4.0 billion, and $7.9 billion, respectively.
Hari's 2024 and 2025 adjusted EPS (excluding SBC) estimates increase 11% and 12% from $3.88 and $6.40 to $4.30 and $7.18, respectively, on higher revenue and higher gross margin (Data Center GPUs being accretive to corporate gross margins) only partially offset by higher operating expenditure.
From a stock perspective, the analyst envisions AMD's early success in Data Center GPUs augmenting what he expects to be a constructive year for its server CPU franchise (i.e., market recovery + sustained market share gains) and ultimately driving outperformance in 2024.
Within the context of the U.S. Semiconductor space, Hari believes Nvidia Corp (NASDAQ:NVDA), AMD, Arm Holdings Plc (NASDAQ:ARM), Broadcom Inc (NASDAQ:AVGO), Marvell Technology, Inc (NASDAQ:MRVL), Credo Technology Group Holding Ltd (NASDAQ:CRDO), and Micron Technology, Inc (NASDAQ:MU) are well-positioned to benefit from the ongoing build-out of data center AI infrastructure.
Within Hari's coverage universe, he views Intel Corp (NASDAQ:INTC), Western Digital Corp (NASDAQ:WDC), and AMD as the key beneficiaries of a resumption of PC volume growth.
The analyst continues to be bullish on Micron and expects improving industry supply/demand dynamics to drive a multi-quarter positive EPS revision cycle.
For AMD, Hari projects CY23 revenue and EPS of $22.63 billion and $2.70, CY24 revenue and EPS of $27.82 billion (prior $26.07 billion) and $4.30 (prior $3.88), and CY25 revenue and EPS of $36.23 billion (prior $32.83 billion) and $7.18 (prior $6.40).
Price Action: AMD shares traded lower by 0.42% at $138.56 on the last check Monday.
Photo via Wikimedia Commons
高盛分析師Toshiya Hari維持了先進微設備公司（納斯達克股票代碼：AMD）的買入，並將目標股價從137美元上調至157美元。
哈里將AMD在2024年和2025年的收入預期分別提高了7％和10％，因爲他在上週的供應鏈檢查中反映，該檢查表明，該公司的 MI300 數據中心GPU產品在雲和企業市場得到廣泛採用。
確切地說，對於數據中心GPU，分析師現在將2023年、2024年和2025年的收入分別建模爲5.95億美元、40億美元和79億美元。
Hari對2024年和2025年調整後的每股收益（不包括SBC）的估計分別增長了11％和12％，從3.88美元和6.40美元增至4.30美元和7.18美元，這是由於收入的增加和毛利率的提高（數據中心GPU增加了企業毛利率）僅部分被更高的運營支出所抵消。
從股票角度來看，這位分析師預計，AMD在數據中心GPU領域的早期成功將增強他預計的服務器CPU特許經營權建設性的一年（即市場復甦+持續的市場份額增長），並最終推動2024年的跑贏大盤。
在美國半導體領域的背景下，哈里認爲，英偉達公司（納斯達克股票代碼：NVDA）、AMD、Arm Holdings Plc（納斯達克股票代碼：ARM）、博通公司（納斯達克股票代碼：AVGO）、Marvell科技公司（納斯達克股票代碼：MU）、信德科技集團控股有限公司（納斯達克股票代碼：MU）完全有能力從中受益構建數據中心人工智能基礎設施。
在哈里的報道範圍內，他認爲英特爾公司（納斯達克股票代碼：INTC）、西部數據公司（納斯達克股票代碼：WDC）和AMD是個人電腦銷量恢復增長的主要受益者。
這位分析師繼續看好美光，並預計行業供需動態的改善將推動多季度每股收益的正修正週期。
對於AMD，Hari預計，23財年的收入和每股收益爲226.3億美元和27.0美元，CY24的收入和每股收益爲278.2億美元（之前爲260.7億美元）和4.30美元（之前爲3.88美元），CY25的收入和每股收益爲362.3億美元（之前爲328.3億美元）和7.18美元（之前爲6.40美元）。
價格走勢：週一，AMD股價下跌0.42％，至138.56美元。
照片來自維基共享資源
