Piper Sandler analyst Harsh Kumar upgraded AMD to Overweight from Neutral with a price target of $140, up from $98. The analyst is using the recent share weakness "to get constructive on the name again," saying his downgrade thesis of a slowing PC market and the lack of near-term accretion from Xilinx "doesn't appear to be playing out as expected." AMD's mid-to-long-term catalysts remain intact amid strong server trends, strong semi-custom trends, commercial PC growth offsetting consumer PC exposure, and Xilinx being impactful to growth, Kumar tells investors in a research note. The analyst adds that the company has an upcoming catalyst in its investor day in early June. "Buy good companies when they are down," writes Kumar.