Investors should continue to bet on Advanced Micro Devices despite the chipmaker's disappointing forecast for the current period, Bank of America says.
Investors should continue to bet on Advanced Micro Devices despite the chipmaker's disappointing forecast for the current period, Bank of America said Wednesday. Analyst Vivek Arya reiterated his buy rating on the stock, saying in a note to clients that AMD is a "generational share gain opportunity" and investors should look beyond the company's lighter-than-expected guidance for the current quarter. "Q3 sales outlook of $6.7bn modestly lower than $6.
Shares of the chipmaker fell about 6% in the premarket after AMD posted earnings that beat estimates but shared an outlook for the third quarter that came in below the Street's expectations. Looking ahead, Arya expects data center momentum to continue driving double-digit growth quarter over quarter through 2023 and anticipates it will become AMD's largest segment next year. Share gains in the server market from Intel are also likely ramping up, he noted.
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