Loop Capital initiated AMD with a Buy rating and $11 price target.

Truist lowered the firm's price target on AMD (AMD) to $162 from $174 and keeps a Hold rating on the shares. The company's Q1 result and Q2 guide were mixed, with Data Center and Client businesses doing better, but Embedded and Gaming doing worse, the analyst tells investors in a research note. Truist adds that its longer-term concerns for AMD remain as the company's position in AI is likely "confined" relative to Nvidia (NVDA) and on expectations that the X86 market will slowly come under pressure from new CPU competitors.

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KeyBanc analyst John Vinh lowered the firm's price target on AMD (AMD) to $230 from $270 and keeps an Overweight rating on the shares. The firm notes AMD posted solid Q1 results, which were slightly above expectations, driven by strong data center as MI300X revenues, along with Client, offset weaker results in Embedded and Gaming. Additionally, AMD increased its 2024 data center GPU outlook to $4B vs. $3.5B prior. KeyBanc believes the $4B outlook is likely to be viewed as disappointing and reflects near-term impacts from Microsoft (MSFT) order cuts and HBM3 performance issues. However, the firm still believes the GPU outlook is likely to be conservative and that there is still greater demand than what AMD can supply this year.

Goldman Sachs lowered the firm's price target on AMD to $175 from $180 and keeps a Buy rating on the shares post the Q1 report. While the positive revision to AMD's 2024 data center GPU revenue outlook to $4B from $3.5B "may have underwhelmed the most bullish of investor expectations," the company is making the appropriate investments and has the long-term product roadmap in place to benefit from growth in artificial intelligence infrastructure spending over the medium- to long-term, the analyst tells investors in a research note. Additionally, the firm says AMD continues to gain server CPU market share, which could accelerate into 2025 as traditional compute deployments begin to recover.

HSBC analyst Frank Lee lowered the firm's price target on AMD to $220 from $225 and keeps a Buy rating on the shares. The company's Q1 results were in-line along with the Q2 guidance as PC and traditional data centers see better momentum, the analyst tells investors in a research note. The firm views AMD's 2024 MI300 revenue guidance as "uninspiring" but still sees room for further upside surprises.

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The company said, "For the second quarter of 2024, AMD expects revenue to be approximately $5.7 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 6% and sequential growth of approximately 4%. Non-GAAP gross margin is expected to be approximately 53%."

Pre-earnings options volume in Advanced Micro Devices is normal with calls leading puts 2:1. Implied volatility suggests the market is anticipating a move near 7.7%, or $12.30, after results are released. Median move over the past eight quarters is 8.1%.