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.
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高盛分析师Toshiya Hari维持了先进微设备公司（纳斯达克股票代码：AMD）的买入，并将目标股价从137美元上调至157美元。
哈里将AMD在2024年和2025年的收入预期分别提高了7％和10％，因为他在上周的供应链检查中反映，该检查表明，该公司的 MI300 数据中心GPU产品在云和企业市场得到广泛采用。
确切地说，对于数据中心GPU，分析师现在将2023年、2024年和2025年的收入分别建模为5.95亿美元、40亿美元和79亿美元。
Hari对2024年和2025年调整后的每股收益（不包括SBC）的估计分别增长了11％和12％，从3.88美元和6.40美元增至4.30美元和7.18美元，这是由于收入的增加和毛利率的提高（数据中心GPU增加了企业毛利率）仅部分被更高的运营支出所抵消。
从股票角度来看，这位分析师预计，AMD在数据中心GPU领域的早期成功将增强他预计的服务器CPU特许经营权建设性的一年（即市场复苏+持续的市场份额增长），并最终推动2024年的跑赢大盘。
在美国半导体领域的背景下，哈里认为，英伟达公司（纳斯达克股票代码：NVDA）、AMD、Arm Holdings Plc（纳斯达克股票代码：ARM）、博通公司（纳斯达克股票代码：AVGO）、Marvell科技公司（纳斯达克股票代码：MU）、信德科技集团控股有限公司（纳斯达克股票代码：MU）完全有能力从中受益构建数据中心人工智能基础设施。
在哈里的报道范围内，他认为英特尔公司（纳斯达克股票代码：INTC）、西部数据公司（纳斯达克股票代码：WDC）和AMD是个人电脑销量恢复增长的主要受益者。
这位分析师继续看好美光，并预计行业供需动态的改善将推动多季度每股收益的正修正周期。
对于AMD，Hari预计，23财年的收入和每股收益为226.3亿美元和27.0美元，CY24的收入和每股收益为278.2亿美元（之前为260.7亿美元）和4.30美元（之前为3.88美元），CY25的收入和每股收益为362.3亿美元（之前为328.3亿美元）和7.18美元（之前为6.40美元）。
价格走势：周一，AMD股价下跌0.42％，至138.56美元。
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