Mizuho analyst Vijay Rakesh upgraded AMD (AMD) to Buy from Neutral with a price target of $55, up from $38. The shares closed Wednesday down 42c to $47.83. The 2020 server market could be stronger than current "muted" consensus expectations, Rakesh tells investors in a research note. Further, many of the "aggressive" Intel (INTC) price cuts are in the rear-view mirror and channel checks indicate potential Intel delays in the 10nm Ice Lake single socket server market, adds the analyst. As a result, Rakesh sees opportunity for AMD server share gains into the second half of 2020. While admitting he missed AMD's rally in Q4, the analyst sees more upside to consensus estimates "with some headwinds retreating."

TD Cowen raised the firm's price target on AMD to $200 from $185 and keeps a Buy rating on the shares. The analyst expect data center strength and "well-known softness elsewhere" when AMD reports Q1 results. The firm sees AMD as generating upwards of $10.00 in earnings per share by 2027, or a nearly 40% annual growth off of 2023. TD increased its MI300 2024 revenue estimate to $4.5B from $4B, saying ramps at several customers will continue to happen more quickly than typical. AMD remains one of its top picks.

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HSBC last night upgraded AMD (AMD) to Buy from Hold with a price target of $225, up from $180. Given AMD's recent share price correction of 15% over the past month, market expectations for the company's MI300 2024 and 2025 revenue have been reset, the analyst tells investors in a research note. However, the firm thinks AMD has enough supply capacity and demand to surpass management's artificial intelligence revenue guidance. AMD's next-generation AI GPU is a more direct competitor to Nvidia (NVDA) GB200 in 2025, the analyst tells investors in a research note. HSBC sees an attractive risk/reward at current share levels.