Advanced Micro Devices Stock Analyst Turns Bullish On Cloud Data Center Potential – Advanced Micro Devices (AMD)

Advanced Micro Devices, Inc. (NASDAQ:AMD) appears well-positioned to benefit from the anticipated high-teens growth in cloud data center in 2022, according to KeyBanc Capital Markets.

The Advanced Micro Devices Analyst: John Vinh upgraded Advanced Micro Devices from Sector Weight to Overweight while keeping the price target unchanged at $155.

The Advanced Micro Devices Thesis: The company is poised to “meaningfully outpace” industry growth, given its share gains with cloud solution providers (CSP), including Microsoft Corporation (NASDAQ:MSFT) and Meta Platforms Inc (NASDAQ:FB), Vinh said in the upgrade note.

“These inflections based on our cloud instance tracker and checks are much greater than we had anticipated,” the analyst said. 

“Having been heavily constrained last year, we have greater confidence the company has been able to secure enough supply to support continued outsized growth.” 

He further mentioned that he expects the acquisition of Xilinx, Inc (NASDAQ:XLNX) to “position the company well for the long-term transition to heterogeneous compute architectures.”

AMD Price Action: Shares of Advanced Micro Devices were trading 1.4% higher at $133.84 late Tuesday morning. 

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