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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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08-07-2022 00:49:20 (UTC+7)

EUR/USD

1.0153

-0.0028 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.0153

-0.0028 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.2002

+0.0072 (+0.60%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

USD/JPY

136.04

+0.12 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (2)

AUD/USD

0.6836

+0.0060 (+0.89%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

Sell (3)

USD/CAD

1.2987

-0.0050 (-0.38%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

EUR/JPY

138.13

-0.23 (-0.17%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

EUR/CHF

0.9894

+0.0014 (+0.14%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (2)

Gold Futures

1,738.95

+2.45 (+0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

Silver Futures

19.168

+0.009 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Copper Futures

3.5555

+0.1475 (+4.33%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Crude Oil WTI Futures

103.56

+5.03 (+5.11%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (2)

Brent Oil Futures

105.37

+4.68 (+4.65%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (4)

Natural Gas Futures

6.190

+0.680 (+12.34%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (9)

US Coffee C Futures

218.53

-0.67 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

3,488.50

+66.66 (+1.95%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

S&P 500

3,895.54

+50.46 (+1.31%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

12,843.22

+248.70 (+1.97%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (3)

FTSE 100

7,189.08

+81.31 (+1.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

21,643.58

+56.92 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,768.30

+38.06 (+2.20%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

IBEX 35

8,122.50

+173.90 (+2.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

BASF SE NA O.N.

41.300

+1.550 (+3.90%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

56.59

+0.40 (+0.71%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Allianz SE VNA O.N.

178.46

+2.96 (+1.69%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

Adidas AG

169.28

+4.74 (+2.88%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

5.764

+0.254 (+4.61%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (2)

Siemens AG Class N

97.71

+1.66 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Deutsche Bank AG

7.983

+0.295 (+3.84%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.0153↑ Sell
 GBP/USD1.2002↑ Sell
 USD/JPY136.04↑ Buy
 AUD/USD0.6836Neutral
 USD/CAD1.2987Neutral
 EUR/JPY138.13↑ Buy
 EUR/CHF0.9894↑ Buy
 Gold1,738.95↑ Sell
 Silver19.168↑ Sell
 Copper3.5555↑ Sell
 Crude Oil WTI103.56Neutral
 Brent Oil105.37↑ Sell
 Natural Gas6.190↑ Sell
 US Coffee C218.53↑ Sell
 Euro Stoxx 503,488.50↑ Sell
 S&P 5003,895.54↑ Buy
 DAX12,843.22Neutral
 FTSE 1007,189.08↑ Sell
 Hang Seng21,643.58↑ Buy
 Small Cap 20001,768.30↑ Buy
 IBEX 358,122.50↑ Buy
 BASF41.300↑ Buy
 Bayer56.59Sell
 Allianz178.46Buy
 Adidas169.28↑ Buy
 Lufthansa5.764↑ Buy
 Siemens AG97.71↑ Buy
 Deutsche Bank AG7.983↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,765/ 6,825
(0/ 0) # 1,893
SJC HCM6,785/ 6,845
(0/ 0) # 1,914
SJC Hanoi6,785/ 6,847
(0/ 0) # 1,916
SJC Danang6,785/ 6,847
(0/ 0) # 1,916
SJC Nhatrang6,785/ 6,847
(0/ 0) # 1,916
SJC Cantho6,785/ 6,847
(0/ 0) # 1,916
Cập nhật 08-07-2022 00:49:22
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ↀ Giá vàng thế giới
$1,740.21-24.71-1.40%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.36034.020
RON 95-III32.76033.410
E5 RON 92-II30.89031.500
DO 0.05S29.61030.200
DO 0,001S-V30.41031.010
Dầu hỏa 2-K28.35028.910
ↂ Giá dầu thô thế giới
WTI$100.94-5.19-5.42%
Brent$103.96-5.13-5.19%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.180,0023.490,00
EUR23.177,9524.476,02
GBP27.204,7528.365,03
JPY166,93176,72
KRW15,5318,93
Cập nhật lúc 18:49:11 07/07/2022
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