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Cowen initiates AMD at 40% upside; shares +2.7%

  • Cowen starts Advanced Micro Devices (NASDAQ:AMD) at Outperform with an $18 price target, a 40% upside to yesterday’s close.
  • Analyst Matthew Ramsay expects a 2H inflection of server sales “when OEM sales should complement cloud growth” and says the firm is “confident in the impressive roster of cloud and OEM engagements.”
  • AMD shares are up 2.7% premarket to $13.17.

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