AMD has released its latest quarterly results, and most analysts liked what they saw. The chipmaker reported Tuesday on revenue of $5.6 billion, following Bell earnings of 69 cents per share. Analysts had expected profit of 67 cents per share on revenue of $5.5 billion. AMD shares popped nearly 3%. However, the semiconductor maker also announced the prospect of a 10% year-over-year sales decline for the current quarter, a slight uptick on some analyst outlooks for the year. It adjusted its quarterly sales expectations to $5.3 billion, slightly below the $5.47 billion estimated by Refinitiv. Those results and guidance come as the company faces broad headwinds in the semiconductor industry. A prolonged downturn in the global PC market has reduced overall demand for finished electronics, and a supply glut is challenging AMD and other chip makers. On Wall Street, many analysts reiterated AMD shares as a buy despite continued overhang in the chipmaking industry, and projected upside for the stock. Vivek Arya of Bank of America was one of them. AMD 1D mountain AMD emerges after earnings call AMD “the only company that can challenge the two big incumbents, Intel and Nvidia” in the $80 billion+ addressable market opportunity in PC, server, high-end gaming, deep-learning and related markets , where AMD has a share currently worth less than 10%, Arya wrote in a note.” Second, the company’s model allows for semi-custom products and licensing options with potential customers, adding more value to the model. will create leverage,” Arya said. Goldman Sachs also maintained a buy rating on AMD and said the company is headed towards positive market share despite broader market challenges. Analyst Toshia Hari has a price target of $87.00 , which means the stock could gain about 16% from Tuesday’s closing price. Bullish on the stock given the potential for market share expansion and margin improvement in 2H23. Remain positive. /2024 driven by higher volume and better mix versus 1H23 — both idiosyncratic in nature,” Hari wrote in a client note on Wednesday. UBS’s Timothy Accuri was unfazed by AMD’s decreased outlook for the current quarter. “Overall Revenue Guidance Wasn’t worse than most investor bogeys and full-year commentary (AMD apparently didn’t guide 2023) suggests flat revenue with upward tilt (confirmed by MGMT on call) – in report The investor is no worse than the bogeys. Ergo, we would mark it as high enough for both sides of the debate to keep things in check for now,” Accuri wrote in a Wednesday note. The UBS analyst assigned a 26.4% upside value for the stock, leading His price target rose to $95. “Overall, in our view, the story remains about data centers and, on this front, AMD’s competitive position has only strengthened with stronger adoption of Genoa and AI,” said Accuri. “While data center revenue will be down Q/Q in Q1 as inventory digests, we expect content revenue to snapback in 2H and ASP uplift should remain a strong tailwind despite elevated competitive intensity.” To be sure , others were not optimistic after AMD’s results. Deutsche Bank analyst Ross Seymour reiterated a hold rating on the stock, citing its “partly cloudy” results for the fourth quarter. He set its price target at $70 price target, which means the stock could gain about 7%. There is a decline. “Given the 1Q challenges, we believe AMD is well positioned to deliver a strong 2H23 (DC share gains and cyclical rebound in PC client/DC), margin (mix/leverage, etc.) and market share (at least).” DC/Embedded) is expanding,” Seymour wrote in a client note Tuesday. “This positive turnaround in 2H23 will attract short-term investors, but we are concerned that relatively slow secular growth and increasing competitive intensity will limit upside to EPS and valuations.” AMD shares have benefited from January’s rally in markets and tech stocks, having jumped 16.03% since the start of 2023. Nonetheless, shares have declined by about 36% during the past 12 months. — CNBC’s Michael Bloom contributed to this report.