TSP Weekly Tech Stock Update—Feb 3, 2024
This Week: Microsoft/Alphabet/Atlassian/Apple earnings reviews, AWS delivers a growth uptick, cybersecurity sector earnings preview, HubSpot debuts new pricing, NTNX hits new multi-year high & more.
Hello from Rob…
—Shares of Advanced Micro Devices (AMD, $177.66) rebounded from a dip to $162.56 on Wednesday (off 12% from the record high of $184.92 reached on January 25). More Wall Street price targets on AMD are approaching and topping the $200 level based on AI optimism after the chipmaker raised its MI300 sales expectations for this year to $3.5 billion+ from $2 billion+.
Jefferies boosted its AMD target to $200 from $130. With the faster-than-expected ramp for the MI300 processors, Jefferies is now incrementally more bullish on AMD’s ability to gain share in the datacenter AI market. Piper Sandler upped its target to $195 from $165 because it thinks MI300 revenue in 2024 will end up coming in closer to $4 billion. In raising its price target to $193 from $136, Citi said its expects 2024 MI300 sales to top $5 billion, going to $8 billion in 2025.
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—Paid subscribers will receive the February 2024 PDF of Tech-Stock Prospector (TSP #264) via email on Tuesday, February 13.
—Paid subscribers have access to the TSP Market Overview and TSP Portfolio Updates sections inside this issue.