[10/18] COWEN 리서치 자료 - AMD

AMD (Outperform) – Raising PT to $33 from $30 and taking up our 2019/20 EPS ests to $1.00/$1.50 well above Street of $0.67/$0.72 as we believe server share gains with new 7nm ROme products will be supplemented by potentially large notebook share gains in 2H19 and 2020. Given how Intel is under-serving notebook OEMs this year in terms of supply and marketing dollars into a year with AMD’s products should get substantially better with TSMC’s low-power silicon expertise. We believe a $2+ EPS run rate remains likely by 2H20.