UBS: Maintains "Buy" rating on AMD with a target price of $210. Quarterly results and guidance in line with expectations

UBS released a report stating that AMD's quarterly performance is solid, maintaining its "buy" rating and target price of $210. The bank pointed out that despite investors becoming very cautious in recent weeks, the company's performance and guidance still meet the bank's expectations. The bank's estimates for the company remain largely unchanged. The bank acknowledges that the company has not revised its positive earnings per share forecast, and expects the gaming and embedded businesses to remain stable in the second half of the year. While there are significant obstacles to revising forecasts, the bank sees no reason to change its view on the company, anticipating $11 billion in revenue from artificial intelligence GPUs. This is based on the bank's supply chain and customer surveys, as well as management's confidence in expanding customer base and the momentum of the medium to long-term business roadmap. The bank expects data centers to account for about 70% of the company's operating profit next year, supported by strong momentum in graphics and central processors, with a stable price-earnings ratio calculated based on next year and the following year's earnings per share forecasts of $5.75 and $7.5