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HomeBusinessCiti Remains Bullish on AMD

Citi Remains Bullish on AMD

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Citi reaffirmed its Buy rating on AMD (NASDAQ:AMD) with a target price of $192, following an assessment of US Semiconductor stocks, focusing on February’s notebook shipments, which exceeded projections. February saw a modest 2% month-over-month decrease in notebook shipments, outperforming expectations, thanks to a spike in demand for Dell’s commercial PCs. This contrasts with January’s less favorable outcome, where shipments fell below forecasts.
Adjusting to recent developments, Citi improved the Q1/24 forecast for notebook shipments from an initial 14% quarter-over-quarter decline to a 12% reduction. This adjustment is an improvement over the usual seasonal drop of 17%, spurred by new product launches.
Despite February’s positive data, it came after a disappointing January. Citi expects the pattern of varying monthly notebook shipment figures to persist throughout 2024 as the PC market’s recovery phase reaches a steadier pace.

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