高盛称 AMD 为稳固的 ‘AI 赢家’，但在第三季度业绩公布后，认为其上行空间有限
Goldman Sachs has labeled AMD as a strong contender in the AI sector following its impressive Q3 results, with revenue of $9.2 billion surpassing expectations. Despite a slight dip in profit margins, AMD's outlook remains positive, forecasting Q4 revenue of $9.6 billion. Analysts maintain a Moderate Buy consensus on AMD, with an average price target of $250.79, suggesting the stock is near fair value. However, Goldman anticipates limited upside in the near term due to high investor optimism and pressure on margins.
AI Momentum Powers AMD's Beat
Goldman said AMD delivered a strong quarter across key segments. Revenue came in at $9.2 billion, well ahead of Wall Street's $8.76 billion estimate and Goldman's $8.92 billion forecast. The firm highlighted that Datacenter revenue reached $4.34 billion, a sign that AI-related demand remains strong. Gaming revenue also impressed at $1.30 billion, easily topping expectations, while Embedded sales came in lighter at $857 million.
The analyst said that investors were already optimistic going into the print, thanks to AMD's recent OpenAI partnership and the upcoming Analyst Day on November 11, which could provide fresh insight into the company's AI roadmap.
Margins Dip Slightly, But Outlook Stays Bright
Goldman noted that while sales growth was strong, profit margins were a touch softer. AMD's gross margin of 54.0% was in line with the Street but just below Goldman's 54.2% view, while the operating margin slipped to 24.2%. The firm said operating EPS of $1.20, just under its $1.23 forecast, still showed solid execution amid heavy investment in AI products.
Looking ahead, AMD guided fourth-quarter revenue to $9.6 billion at the midpoint, ahead of both Goldman's and the Street's forecasts. The company also expects a non-GAAP gross margin of 54.5%, roughly matching consensus.
Goldman said the upbeat guidance reflects "continued AI tailwinds" and steady demand in the Datacenter segment. Still, with investor optimism already high and margins under pressure, the firm expects the stock to consolidate in the near term as the market awaits fresh catalysts, including new updates at AMD's Analyst Day next week.
Is AMD a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AMD stock based on 29 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMD price target of $250.79 per share implies that shares are near fair value.
