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Morningstar‘s Stock Analysis AMD

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Advanced Micro Reiterates 60% Revenue Growth Led by Server Strength and Xilinx; FVE Remains $130

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Advanced Micro Devices, or AMD, reported its 11th consecutive quarter of double-digit revenue growth primarily due to robust server sales and inclusion of recently acquired Xilinx. We are most impressed with the firm's execution on its product roadmap, particularly with its EPYC server CPU family that continues to gain share at Intel's expense. Management reiterated its prior full-year guidance for top-line growth of 60%, which includes Xilinx as well as continued share gains across its PC and server CPU products. Despite the strong results, shares fell 7% after-hours. We think the market was expecting an increase in management’s full-year revenue guidance based on Intel’s weaker-than-expected second-quarter results and guidance. Shares of narrow-moat AMD trade at an attractive discount relative to our unchanged $130 fair value estimate.

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Key Statistics AMD

Company Profile AMD

Business Description

Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs. Additionally, the firm supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox. AMD acquired graphics processor and chipset maker ATI in 2006 in an effort to improve its positioning in the PC food chain. In 2009, the firm spun out its manufacturing operations to form the foundry GlobalFoundries. In 2022, the firm acquired FPGA-leader Xilinx to diversify its business and augment its opportunities in key end markets such as the data center.

2485 Augustine Drive
Santa Clara, CA, 95054
T +1 408 749-4000
Industry Semiconductors
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 25, 2022
Stock Type Cyclical
Employees 15,500

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