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What's Going On With AMD Stock Tuesday?
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What's Going On With AMD Stock Tuesday?
Jul 30, 2024 9:18 AM

Advanced Micro Devices Inc ( AMD ) shares are in the spotlight Tuesday ahead of earnings. Here’s a look at what investors need to know before the print.

What To Know: AMD is set to report second-quarter financial results after the market close on Tuesday. Analysts expect the company to report earnings of 68 cents per share on revenue of $5.724 billion, according to estimates from Benzinga Pro.

Last quarter, AMD beat analyst estimates on the top and bottom lines as its Data Center and Client segments each grew more than 80% year-over-year driven by a ramp of AI accelerator shipments.

“This is an incredibly exciting time for the industry as widespread deployment of AI is driving demand for significantly more compute across a broad range of markets. We are executing very well as we ramp our data center business and enable AI capabilities across our product portfolio,” AMD CEO Lisa Su said at the time.

AMD has met or exceeded analyst estimates in six straight quarters heading into Tuesday’s print, per Benzinga Pro data.

See Also: Taiwan Semi To Break Ground On First European Chip Plant in Germany

Recent analyst coverage suggests AMD could be poised to report strong quarterly results. Here’s a look at analyst updates from the past two weeks leading up to earnings:

Barclays analyst Tom O’Malley maintained AMD with an Overweight and lowered the price target from $235 to $180.

Susquehanna analyst Christopher Rolland maintained AMD with a Positive and maintained $200 price target.

Cantor Fitzgerald analyst C J Muse maintained AMD with an Overweight and raised the price target from $170 to $200.

TD Cowen analyst Matthew Ramsay maintained AMD with a Buy and raised the price target from $200 to $210.

Citigroup analyst Christopher Danely maintained AMD with a Buy and raised the price target from $176 to $210.

AMD Price Action: AMD shares were down 2.38% at $136.43 at the time of publication, according to Benzinga Pro.

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