AMD price target lowered to $170 from $190 at Cantor Fitzgerald

Cantor Fitzgerald analyst C.J. Muse lowered the firm’s price target on AMD (AMD) to $170 from $190 and keeps an Overweight rating on the shares. Capped earnings leverage in 2024 is likely to weigh on share momentum, the analyst tells investors in a research note. The MI300 ramp is truly impressive, but supply constraints are limiting a vision for even greater upside where many have been discussing much higher numbers up until recently, Cantor says. At the same time, the 2025 and beyond story remains intact where MI300 GPU remains a robust story as the company attacks the $400B 2027 AI opportunity as the #2 merchant AI supplier behind Nvidia (NVDA).