AMD price target lowered to $162 from $200 at Stifel

Stifel analyst Tore Svanberg lowered the firm’s price target on AMD (AMD) to $162 from $200 and keeps a Buy rating on the shares. Q4 results were roughly in-line with expectations, but expectations for first half data center shipments are expected in-line with the second half of 2024, which the firm believes means about $3B in the first half for Instinct. However, management importantly noted an earlier launch expectation for MI350 and the firm continues to see AMD as well positioned for AI compute. It is likely that some customers are waiting for 325/350 systems, which should drive a “much stronger” second half, the analyst added.