Advanced Micro Devices Inc

AMD: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$363.00	Tnzdq	Hyyfskvt

AMD Earnings: Raising Valuation to $145 From $125 as AI GPU Revenue Is on the Rise

Brian Colello

Jan 31, 2024

Narrow-moat Advanced Micro Devices reported solid fourth-quarter results, but we consider the firm’s first-quarter forecast to be a mixed bag. We raise our fair value estimate for AMD to $145 from $125, thanks to more optimistic long-term data center revenue assumptions, but after a 78% increase in share price in the past three months (versus 16% for the Morningstar Global Markets Index), we still view shares as overvalued.

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