AMD Gets Bullish Calls After Maintaining Guidance and Indicating Strong Path Forward

AMD held an investor event Thursday where the company gave ambitious growth targets for the future.

Shares of Advanced Micro Devices  (AMD) - Get Report were rising Friday following the company’s Financial Analyst Day event where the company reiterated first quarter and 2020 revenue guidance while also providing strong future financial targets.

The company guided for a 20% compound annual growth rate through 2023.

Here’s what analysts had to say following the event:

Analysts at Craig-Hallum upgraded shares to buy from hold while also raising their price target from $48 to $60 per share. Christian Schwab wrote that AMD's net CAGR targets, first quarter and 2020 guidance, computing road map and datacenter wins and expansion were all reasons for the firm’s bullish turn.

Analysts at Atlantic Equities raised their price target on AMD from $37 to $60 and upgraded shares from neutral to overweight.

“We had previously been cautious on AMD's ability to deliver gross margin expansion in the face of increasing price competition from Intel. However, our analysis indicates that AMD's chiplet technology provides it with a significant cost advantage in manufacturing, limiting any impact,” the firm wrote.

Analysts at JPMorgan firm maintained their neutral rating and $45 price target on the company. They wrote that “AMD’s product lineup and roadmap is much-improved compared to a few years ago in our view, and we continue to expect AMD’s share gains to continue through 2020. However, as we look ahead, we expect AMD’s share gains to moderate as its main competitors (Intel and NVDA) bring more competitive products to market.”

Advanced Micro Devices fell 2.2% to $47.05 in trading Friday. Shares are up 5% year to date.