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Morgan Stanley Positive on AMD Despite Budgeting for Caution

By Sam Boughedda Morgan Stanley analyst Joseph Moore resumed coverage on Advanced Micro Devices Inc (NASDAQ:AMD) Wednesday with an Overweight rating and $103 price target, telling...
Morgan Stanley Positive on AMD Despite Budgeting for Caution © Reuters. Morgan Stanley Positive on AMD (AMD) Despite Budgeting for Caution

By Sam Boughedda

Morgan Stanley analyst Joseph Moore resumed coverage on Advanced Micro Devices Inc (NASDAQ:AMD) Wednesday with an Overweight rating and $103 price target, telling investors in a note that after the recent selloff, AMD offers potential for solid numbers at a reasonable valuation.

Moore explained that a digestion phase in PCs and consoles appears likely, and Morgan Stanley is budgeting for some caution next year. However, they believe strength in the server market (with further market share gains) should allow the company to keep posting solid growth at a now-reasonable valuation.

"AMD remains in a share gain position over the next couple of years at least, with the company likely to continue to take share in cloud servers as supply constraints ease. While the demand picture across all of the end markets is mixed given the plateauing economy, we think that the stock has over-corrected - we see share gains and mix improvement allowing them to power through more than most with double digit growth next year, and with the stock down over 48% from its 4Q21 highs, we see the risks as largely priced in," said Moore. "We are modestly above consensus on CY22 numbers, and while we are well below for CY23, we would argue that current anxieties reflect a worse outcome despite stale sell side numbers."

The analyst put AMD's sharp sell-off down to macro concerns impacting the consumer side of their business, with PC processors, graphics, and consoles making up 55% of revenues, with Morgan Stanley anticipating a "meaningful correction in PC in the next few quarters."

"We note that we are below consensus for CY23, for AMD and for every other stock in our coverage, but we see AMD as closer to consensus than peers, at a valuation that has already corrected more than other high growth companies such as MRVL and NVDA."

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03-07-2022 00:27:14 (UTC+7)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2098

-0.0076 (-0.63%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (3)

USD/JPY

135.21

-0.52 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (0)

Sell (7)

AUD/USD

0.6816

-0.0085 (-1.23%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

USD/CAD

1.2888

+0.0015 (+0.12%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (4)

EUR/JPY

140.98

-1.29 (-0.91%)

Summary

Neutral

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Buy (2)

Sell (10)

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Buy (4)

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EUR/CHF

1.0007

-0.0002 (-0.02%)

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↑ Sell

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Gold Futures

1,812.90

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↑ Buy

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Buy (9)

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Silver Futures

19.823

-0.529 (-2.60%)

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↑ Buy

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Buy (7)

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Copper Futures

3.6138

-0.0962 (-2.59%)

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Neutral

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Buy (4)

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Crude Oil WTI Futures

108.46

+2.70 (+2.55%)

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↑ Sell

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Brent Oil Futures

111.48

+2.45 (+2.25%)

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Natural Gas Futures

5.620

+0.196 (+3.61%)

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Sell (12)

Indicators:

Buy (0)

Sell (7)

US Coffee C Futures

223.95

-6.15 (-2.67%)

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↑ Sell

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Buy (0)

Sell (12)

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Buy (2)

Sell (5)

Euro Stoxx 50

3,448.31

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↑ Buy

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Buy (12)

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Buy (8)

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S&P 500

3,825.33

+39.95 (+1.06%)

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↑ Buy

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Buy (8)

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DAX

12,813.03

+29.26 (+0.23%)

Summary

Buy

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Buy (10)

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Buy (5)

Sell (2)

FTSE 100

7,168.65

-0.63 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (8)

Sell (1)

Hang Seng

21,859.79

-137.10 (-0.62%)

Summary

Sell

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Buy (1)

Sell (11)

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Buy (3)

Sell (3)

US Small Cap 2000

1,727.76

+19.77 (+1.16%)

Summary

↑ Buy

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Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

IBEX 35

8,176.10

+77.40 (+0.96%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (10)

Sell (0)

BASF SE NA O.N.

41.270

-0.255 (-0.61%)

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↑ Buy

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Buy (12)

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Bayer AG NA

57.35

+0.63 (+1.11%)

Summary

↑ Buy

Moving Avg:

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Buy (9)

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Allianz SE VNA O.N.

182.00

-0.12 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

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Buy (1)

Sell (7)

Adidas AG

167.64

-1.12 (-0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (0)

Sell (7)

Deutsche Lufthansa AG

5.566

+0.002 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Siemens AG Class N

96.00

-1.09 (-1.12%)

Summary

↑ Buy

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Buy (12)

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Indicators:

Buy (9)

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Deutsche Bank AG

8.053

-0.265 (-3.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(6,800/ 6,860) # 1,805
SJC HCM6,820/ 6,880
(0/ 0) # 1,766
SJC Hanoi6,820/ 6,882
(0/ 0) # 1,768
SJC Danang6,820/ 6,882
(0/ 0) # 1,768
SJC Nhatrang6,820/ 6,882
(0/ 0) # 1,768
SJC Cantho6,820/ 6,882
(0/ 0) # 1,768
Cập nhật 03-07-2022 00:27:16
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GBP27.507,8628.656,57
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KRW15,5418,92
Cập nhật lúc 18:49:42 02/07/2022
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