AMD (NASDAQ:) reported its latest quarterly earnings after the close Tuesday, with profit in line with consensus expectations and revenue topping estimates.

AMD posted Q1 EPS of $0.62, while revenue for the quarter came in at $5.5 billion versus the consensus estimate of $5.48 billion.

Furthermore, the company sees Q2 2024 revenue of $5.4-6 billion, versus the consensus of $5.7 billion, while for the second quarter of 2024, AMD expects revenue to be approximately $5.7 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 6% and sequential growth of approximately 4%.

Here's how analysts reacted to the results:

Evercore ISI maintained an Outperform rating on the stock but lowered its price target to $193 from $200 per share. The firm said the weakness "looks like a particular buying opportunity." Analysts remain buyers of AMD post the print. "AMD has sold off by 30% over the past 8 weeks, vs -2% for the SPX, and we think concerns around its Mi300 AI chip are overdone," they wrote.

Wells Fargo analysts said the increased MI300X guide was not enough. However, the bank are buyers on the stock's weakness and sees a strong second half of 2024 setup. Wells Fargo maintained an Overweight rating and a $190 price target on the stock.

Citi analysts cut their price target for AMD to $176 from $192, saying the company reported "decent results" and guided above consensus driven by the MI300 ramp. "The company also raised its MI300 forecast from over $3.5 billion to over $4.0 billion in 2024," said analysts. "Although we are trimming estimates due to downside from its embedded and gaming segments (combined 32% of 1Q24 sales), we continue to expect upside over the summer and reiterate our Buy rating on AMD."

Morgan Stanley also cut its price target for AMD to $176 from $177 per share, maintaining an Overweight rating on the stock. Analysts said there were no big surprises and they were surprised by the selloff.

Finally, JPMorgan stated the results were solid. The bank maintained its $180 price target and Neutral rating on the stock. It also increased its CY24 estimates on the strong AI demand outlook for AMD's products and continued share gains in datacenter CPUs.