Rosenblatt surveyed its analysts, including Steve Frankel, and gathered their top picks for the first half of 2025. The stocks reflect key themes across the research universe, including the age of artificial intelligence and the buildout of next-generation broadband.
Steve Frankel maintained a buy rating Advanced Microdevices, Inc (NASDAQ:AMD) with a $250 price target.
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AMD is one of Rosenblatt’s top picks for the first half of 2025 in terms of momentum in CPU and GPU share gains through 2025 and a broader non-AI recovery from 2025.
The difference entering 2025 is that The Street recognizes this dynamic, which has potential for double-digit market share in GPU computing and AI inference at the edge, which is a secular opportunity for the incumbent and chiplet power from Xilinx.
AMD’s EPYC processors will likely continue to increase the company’s revenue share in server and data center CPUs as the business proposition is significant, the analyst said.
AMD’s MI350 in 2025 and MI400 in 2026 GPUs will drive additional revenue and market share in hyperscale adoption, chiplet scale and AI moving to the edge, he added.
The price target reflects a price-to-earnings ratio of 25 times Frankel’s fiscal 2026 adjusted earnings per share of $10.00. This multiple corresponds to the analyst’s AI math group average of 25 times.
Frankel reiterated a buy recommendation Micron Technology, Inc (NASDAQ:MU) with a $250 price target.
Micron is one of Rosenblatt’s top picks for the first half of 2025, as he liked the big opportunities for the future deployment of DRAM content on AI platforms.
In particular, the analyst liked Micron’s HBM capability, with trading ratios at 3-to-1 versus DDR5 and moving to 4-to-1 with the move to HBM4, a structural shift that Frankel has not seen in any experienced another memory cycle.
HBM supply in the sector remains an issue to watch as supply fails to catch up with demand well into calendar 2025.
For Micron, Frankel’s position on HBM is more related to the general implications of DRAM bit supply, with HBM3E gaining a 3-to-1 trade ratio and HBM4 a 4-to-1 trade ratio, creating favorable supply and demand dynamics.
Frankel noted that Micron is an HBM stock addition in the HBM3E and HBM4 varieties and as the segment moves from 8-Hi to 12-Hi and 16-Hi configurations, energy efficiency (a structural advantage of Micron) is becoming increasingly important.
Frankel felt using price/earnings to value Micron was reasonable given its proven consistent profitability through cross-memory cycles, aggressive share repurchases, and a cycle driven by AI workload dynamics that correlate with DRAM content. The price target reflects a P/E multiple in the mid-teens on the analyst’s fiscal 2026 adjusted earnings per share of $18.
