Cantor Fitzgerald Raises AMD Earnings Estimates for FY2024

Advanced Micro Devices, Inc. (NASDAQ:AMD - Get Free Report) recently received a positive update from analysts at Cantor Fitzgerald. In a note issued to investors on Wednesday, October 30th, Cantor Fitzgerald increased their earnings per share (EPS) estimates for AMD for the fiscal year 2024. Analyst C. Muse now projects that AMD will achieve an EPS of $2.59, an increase from the previous estimate of $2.50. Currently, Cantor Fitzgerald maintains an "Overweight" rating on the stock along with a target price of $180.00.

The consensus estimate for AMD's full-year earnings stands at $2.56 per share, indicating that the new estimate by Cantor Fitzgerald is slightly above this average.

Other Analyst Ratings

Several other equity analysts have also shared their insights regarding AMD. Piper Sandler reiterated an "overweight" rating on AMD and set a price target of $180.00, which is a reduction from their previous target of $200.00. Meanwhile, BNP Paribas upgraded AMD to a "strong-buy" rating in a report from July 31. On the other hand, Morgan Stanley lowered their price target from $178.00 to $169.00 and assigned an "equal weight" rating. TD Cowen adjusted their price target from $210.00 to $185.00 while maintaining a "buy" rating. Barclays similarly reduced their price target from $180.00 to $170.00 but kept an "overweight" rating. The current ratings show a mix with one analyst giving a sell rating, three holding, twenty-eight suggesting a buy, and one giving a strong buy. According to MarketBeat data, AMD enjoys an average rating of "Moderate Buy" along with an average target price of $192.79.

AMD's Recent Stock Performance

AAMD's stock opened at $144.07 on Friday. It holds a market capitalization of $233.17 billion, with a price-to-earnings (P/E) ratio of 129.79 and a P/E/G ratio of 2.03. The fifty-day moving average price stands at $155.01 while the two-hundred day moving average is $155.94. AMD is maintaining a low debt-to-equity ratio of 0.03 and shows a current ratio of 2.50, indicating good financial health. Its stock has fluctuated between a twelve-month low of $94.07 and a high of $227.30.

Quarterly Earnings Report

AMD has released its quarterly earnings results recently on Tuesday, October 29th. The company reported earnings of $0.92 per share, meeting the consensus of analysts. The revenue for the quarter reached $6.82 billion, surpassing the expectations of $6.71 billion. AMD has shown a net margin of 7.52% and a return on equity of 6.62%. Compared to the same quarter last year, AMD's revenue grew by 17.6%. In the same quarter last year, AMD reported earnings of $0.53 per share.

Institutional Investments in AMD

Recent trading activity shows that several hedge funds have made moves related to AMD shares. Hennion & Walsh Asset Management Inc. purchased a stake valued at approximately $264,000 in the first quarter. FORVIS Wealth Advisors LLC increased their stake by 37.1%, owning 5,029 shares valued at $908,000 after acquiring additional 1,361 shares. Norden Group LLC raised their position by 41.1%, holding 5,752 shares valued at $1,038,000. Prosperity Consulting Group LLC also expanded their stake by 160.7%, totaling 3,650 shares valued at $659,000. Furthermore, Blue Trust Inc. increased their ownership by 50.3%, holding now 4,134 shares valued at $746,000. At present, institutional investors control 71.34% of AMD's stock.

About Advanced Micro Devices

Advanced Micro Devices, Inc. operates globally as a semiconductor company. The company has four main segments: Data Center, Client, Gaming, and Embedded. AMD provides a variety of products including x86 microprocessors, graphics processing units (GPUs), chipsets, semi-custom system-on-chip (SoC) products, and various development services.

Final Thoughts

As AMD continues to show promising growth, especially with the recent adjustments from analysts, investors may keep a close eye on the company in the coming periods. The semiconductor market remains crucial, and AMD's performance appears to be on an upward trend.

AMD, Earnings, Estimates