Advanced Micro Devices (AMD) is expected to report in-line Q4 results, while Intel's (INTC) results are likely to be in-line to "modestly weaker" mainly due to personal computer headwinds, BofA Securities said in a note emailed Wednesday.
For AMD, BofA expects in-line Q4 and "modestly below" Q1 on weaker PC seasonality and ongoing challenges to the embedded and gaming segments.
"While we don't anticipate management to give a specific FY AI guide like last year, consensus suggests a Q4'24 run-rate of [about $2 billion], with FY25 estimates ranging from [$7.3 billion to $11.1 billion]," BofA analyst Vivek Arya said in a note to clients.
Meanwhile, Intel's Q4 results are seen in line to "modestly weaker" on PC headwinds into Q4 and Q1, limited 2025 total addressable market outlook, and continued CPU share loss to AMD and Arm (ARM), the analyst said.
"However, we note recent M&A-related media reports may overshadow any fundamentals near-term, and any positive progress on Intel 18A could help improve its GM/FCF outlook," Arya said.
Advanced Micro Devices is scheduled to report its results on Feb. 4, while Intel is expected to report on Jan. 30.
BofA maintained its underperform rating on the Intel stock and neutral on AMD.
AMD shares were up 2.2% in recent trading, while Intel rose 0.6%.
Price: 124.97, Change: +2.69, Percent Change: +2.20
Comments