Citi raised the firm’s price target on AMD (AMD) to $210 from $176 and keeps a Buy rating on the shares. The analyst expects the Q2 earnings season to be a positive catalyst for the semiconductor space with aggregate estimates moving higher driven by artificial intelligence strength, stabilization in the PC, wireless and data center end markets, along with better prints and guides from analog companies as the industrial end market undergoes inventory replenishment. Although valuations are high, the sector can continue to move higher, the analyst tells investors in a research note. Citi increased estimates for AMD and says Micron (MU) remains its top pick.
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