AMD's Rising Star - What's Behind Goldman Sachs' Surprising Price Target Increase?
AMD's Rising Star - What's Behind Goldman Sachs' Surprising Price Target Increase?
Goldman Sachs analyst Toshiya Hari maintained Advanced Micro Devices Inc (NASDAQ:AMD) with a Buy and raised the price target from $137 to $157.
高盛分析師Toshiya Hari維持了先進微設備公司（納斯達克股票代碼：AMD）的買入，並將目標股價從137美元上調至157美元。
Hari increased his 2024 and 2025 revenue estimates for AMD by 7% and 10%, respectively, as he reflected on last week's supply chain checks that indicated broad-based adoption of the company's MI300 Data Center GPU offering across the cloud and enterprise markets.
哈里將AMD在2024年和2025年的收入預期分別提高了7％和10％，因爲他在上週的供應鏈檢查中反映，該檢查表明，該公司的 MI300 數據中心GPU產品在雲和企業市場得到廣泛採用。
Precisely, for Data Center GPUs, the analyst now models 2023, 2024, and 2025 revenue of $595 million, $4.0 billion, and $7.9 billion, respectively.
確切地說，對於數據中心GPU，分析師現在將2023年、2024年和2025年的收入分別建模爲5.95億美元、40億美元和79億美元。
Hari's 2024 and 2025 adjusted EPS (excluding SBC) estimates increase 11% and 12% from $3.88 and $6.40 to $4.30 and $7.18, respectively, on higher revenue and higher gross margin (Data Center GPUs being accretive to corporate gross margins) only partially offset by higher operating expenditure.
Hari對2024年和2025年調整後的每股收益（不包括SBC）的估計分別增長了11％和12％，從3.88美元和6.40美元增至4.30美元和7.18美元，這是由於收入的增加和毛利率的提高（數據中心GPU增加了企業毛利率）僅部分被更高的運營支出所抵消。
From a stock perspective, the analyst envisions AMD's early success in Data Center GPUs augmenting what he expects to be a constructive year for its server CPU franchise (i.e., market recovery + sustained market share gains) and ultimately driving outperformance in 2024.
從股票角度來看，這位分析師預計，AMD在數據中心GPU領域的早期成功將增強他預計的服務器CPU特許經營權建設性的一年（即市場復甦+持續的市場份額增長），並最終推動2024年的跑贏大盤。
Within the context of the U.S. Semiconductor space, Hari believes Nvidia Corp (NASDAQ:NVDA), AMD, Arm Holdings Plc (NASDAQ:ARM), Broadcom Inc (NASDAQ:AVGO), Marvell Technology, Inc (NASDAQ:MRVL), Credo Technology Group Holding Ltd (NASDAQ:CRDO), and Micron Technology, Inc (NASDAQ:MU) are well-positioned to benefit from the ongoing build-out of data center AI infrastructure.
在美國半導體領域的背景下，哈里認爲，英偉達公司（納斯達克股票代碼：NVDA）、AMD、Arm Holdings Plc（納斯達克股票代碼：ARM）、博通公司（納斯達克股票代碼：AVGO）、Marvell科技公司（納斯達克股票代碼：MU）、信德科技集團控股有限公司（納斯達克股票代碼：MU）完全有能力從中受益構建數據中心人工智能基礎設施。
Within Hari's coverage universe, he views Intel Corp (NASDAQ:INTC), Western Digital Corp (NASDAQ:WDC), and AMD as the key beneficiaries of a resumption of PC volume growth.
在哈里的報道範圍內，他認爲英特爾公司（納斯達克股票代碼：INTC）、西部數據公司（納斯達克股票代碼：WDC）和AMD是個人電腦銷量恢復增長的主要受益者。
The analyst continues to be bullish on Micron and expects improving industry supply/demand dynamics to drive a multi-quarter positive EPS revision cycle.
這位分析師繼續看好美光，並預計行業供需動態的改善將推動多季度每股收益的正修正週期。
For AMD, Hari projects CY23 revenue and EPS of $22.63 billion and $2.70, CY24 revenue and EPS of $27.82 billion (prior $26.07 billion) and $4.30 (prior $3.88), and CY25 revenue and EPS of $36.23 billion (prior $32.83 billion) and $7.18 (prior $6.40).
對於AMD，Hari預計，23財年的收入和每股收益爲226.3億美元和27.0美元，CY24的收入和每股收益爲278.2億美元（之前爲260.7億美元）和4.30美元（之前爲3.88美元），CY25的收入和每股收益爲362.3億美元（之前爲328.3億美元）和7.18美元（之前爲6.40美元）。
Price Action: AMD shares traded lower by 0.42% at $138.56 on the last check Monday.
價格走勢：週一，AMD股價下跌0.42％，至138.56美元。
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譯文內容由第三人軟體翻譯。