AMD added to Wolfe Alpha List as firm expects earnings to rebound 'sharply'
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Investment firm Wolfe Research initiated coverage on semiconductor company AMD (NASDAQ:AMD) on Wednesday, adding the Dr. Lisa Su-led company to its Alpha List.
The firm started AMD (AMD) with an outperform rating and a per-share price target of $150, noting that AMD is seeing inventory normalization both in client computing and the data center, which should help it grow in the second-half of the year.

Additionally, AMD (AMD) is likely to keep taking share against Intel (INTC), particularly in the data center, as it ramps up its Genoa and Bergamo chips later this year. Lastly, Wolfe is expecting "some" contribution from new markets next year, including telecom and the MI300 for artificial intelligence.
Wolfe noted that AMD (AMD) shares have run so far this year, but earnings are expected to rebound "sharply" in the second-half of the year, with continued momentum into 2024 and the company could earn $5 per share next year.
AMD (AMD) shares finished down 1.3% on Wednesday.