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KeyBanc Sees Steady Cloud Growth Resuming Led By Intel; Nvidia, AMD

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·1 min read
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  • The May results indicate cloud instances resumed solid sequential growth driven by computing processors as per KeyBanc analyst John Vinh.

  • He noted that the growth was led mainly by Intel Corp (NASDAQ: INTC) instances, while NVIDIA Corp (NASDAQ: NVDA) and Advanced Micro Devices, Inc (NASDAQ: AMD) instances increased modestly.

  • Ice Lake primarily drove INTC CPU instances. NVDA GPU instances grew led by the ramps of Ampere, mostly at Alibaba Group Holding Limited (NYSE: BABA).

  • AMD CPU instances increased with Milan deployments.

  • Vinh views these results as moderately positive for INTC, given modest share gains in the cloud for the first time since September 2021.

  • Vinh maintained an Overweight on AMD with a price target of $150 (80% upside).

  • Vinh maintained a Sector Weight and a price target of $40 on INTC (7% upside).

  • Vinh maintained an Overweight with a price target of $250 on NVDA (53% upside).

  • Price Action: AMD shares traded lower by 1.35% at $82.62 on the last check Thursday.

Latest Ratings for INTC

Date

Firm

Action

From

To

Mar 2022

Morgan Stanley

Downgrades

Equal-Weight

Underweight

Feb 2022

Raymond James

Upgrades

Underperform

Market Perform

Feb 2022

BMO Capital

Maintains

Market Perform

View More Analyst Ratings for INTC

View the Latest Analyst Ratings

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