Wedbush analysts on Monday weighed in on Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD)’s upcoming Analyst Day, saying they are “less certain that anything we hear will significantly move the needle around forward expectations.”
In a note to clients, the analysts wrote that they are expecting AMD to provide information that will better their understanding of the company’s product roadmap, financial targets and general industry trends.
Wedbush analysts added, however, that AMD’s total addressable market is not the most significant variable but rather the quality and delivery timing of the company’s MI400 parts, which should define its revenue trajectory.
They did suggest the possibility of a big customer announcement, with rumors surfacing of a deal involving Amazon.
Wedbush analysts maintained their ‘Outperform’ rating and 12-month target price of $290 per share on the stock.
AMD shares slipped nearly 2% to $239.41 in late-morning trading on Tuesday.