Advanced Micro Devices and Intel PT estimates lifted as Raymond James believes the worst is behind By Investing.com

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Advanced Micro Devices and Intel PT estimates lifted as Raymond James believes the worst is behind

Published Mar 20, 2023 21:16

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Advanced Micro Devices and Intel PT estimates lifted as Raymond James believes the worst is behind

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By Sam Boughedda

Raymond James analysts raised the firm's price targets on Advanced Micro Devices, Inc. (NASDAQ:AMD) from $100 to $115 and Intel (NASDAQ:INTC) from $30 to $33 in a note on semiconductor stocks on Monday.

The analysts, who have a Strong Buy rating on AMD and an Outperform rating on Intel, said the firm met with more than 20 tech supply chain companies in Taiwan and Korea during the past week, and "near-term business conditions appear mixed with signs of a bottom in PC, TV, and Smartphone markets."

However, data center orders "appeared to have weakened further in the past few weeks."

"PC and TV markets were first to correct last year and are seeing early signs of a recovery, including some rush orders. China Smartphone inventory correction appears largely behind, but component orders rates are still muted and the impact from re-opening has yet to be visible," the analysts wrote.

In the data center category, they stated that suppliers saw broad-based order cuts as recently as early March, while memory demand is also "tracking weaker in 1Q23 as Cloud customers work through excess inventory."

"We believe that the worst is behind for most of our coverage universe and see further outperformance for the SOX index. In particular, we are encouraged by positive signs in the PC supply chain," they concluded.

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