Bernstein Favors AMD Over Super Micro Ahead of Upcoming Earnings Reports
Yahoo Finance ·
Ahead of their earnings releases, Bernstein has adopted a more bullish stance on semiconductor firm Advanced Micro Devices (AMD) compared to Super Micro Computer. Analyst Stacy Rasgon maintains a Buy rating on AMD with a price target of $650, projecting third-quarter revenue of approximately $13.1 billion and adjusted earnings of $1.96 per share. Rasgon highlights the server division as a primary growth catalyst, estimating year-over-year server sales growth of over 80 percent in the second half of 2026. Furthermore, AI GPU revenue could potentially reach $43 billion by 2027, provided the company meets ongoing demand. However, profitability remains vulnerable due to elevated memory and high-bandwidth memory expenses, with Bernstein estimating a 2027 gross margin of about 54 percent, falling short of the Wall Street consensus of 55.4 percent. In contrast, Bernstein remains more conservative regarding Supermicro. Analyst Mark Newman reaffirmed a Hold rating and a $42 price target, citing past instances of missing revenue and profit estimates despite strong AI server demand.
AI 시장 분석
Ahead of earnings releases, Bernstein presented a more positive outlook for AMD than for Supermicro. AMD is projected to report Q3 revenue of $13.1 billion and adjusted EPS of $1.96, with server revenue expected to grow over 80% year-over-year in the second half of 2026. Conversely, Supermicro maintained a neutral rating due to a history of underperformance. Investors should carefully monitor the sustainability of AI infrastructure demand and margin improvement trends.
상승 영향
- Semiconductors — AMD's server revenue is projected to surge over 80% year-over-year in the second half of 2026, with 2027 AI GPU revenue expected to reach $43 billion, driving earnings growth.
- AI — Persistent strong demand for AI infrastructure translates into direct revenue expansion for AMD as a leading player in related server and GPU markets.
하락 영향
- Semiconductors — Rising prices for memory such as high-bandwidth memory (HBM) risk pressuring profitability, potentially causing AMD's 2027 gross margin to miss the 55.4% estimate at 54%.
DYAX 전담 분석
Bernstein analyst Stacy Rasgon maintained an Outperform rating and a $650 price target for AMD, citing its server business and projected $43 billion in AI GPU revenue by 2027 as bullish catalysts. However, rising memory and high-bandwidth memory (HBM) prices pose a risk that AMD's 2027 gross margin could fall short of Wall Street's 55.4% estimate, lingering around 54%.
The bullish scenario is that AMD fully absorbs server and AI GPU demand to accelerate revenue growth, while the bearish scenario is that memory cost pressures materialize into margin damage. Key indicators to watch are whether upcoming earnings meet guidance and the trajectory of profit margins.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
Bullish (Long) 38% · Bearish (Short) 62%
271 participants
Related News
- Congress Shift, AMD Earnings, and Healthcare Stock Value Analysis
- Salesforce Stock Has Only Done This Twice Before. Here's What History Suggests Happens Next.
- Geron Corporation Q3 2026 Earnings Call Summary
- Why SpaceX Stock Dropped After the Election
- Riot Platforms, Inc. Q3 2026 Earnings Call Summary
- L.B. Foster Company Q3 2026 Earnings Call Summary
