Zacks Upgrades Advanced Micro Devices to “Outperform” (AMD)
Advanced Micro Devices (NYSE:AMD) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research report issued on Wednesday. The firm currently has a $5.00 price target on the stock. Zacks‘s price target suggests a potential upside of 18.20% from the stock’s previous close.
Zacks’ analyst wrote, “AMD is the second largest producer of microprocessors, GPUs and chipsets in the world. Its first-quarter earnings were above the Zacks Consensus Estimate by a couple of cents driven by strong demand for semi-custom gaming APUs. Also, the company provided an encouraging forward sales guidance. Though Intel remains a strong competitor with superior strategy and technological prowess, AMD has the ability to carve out its own niche. The company’s new products, strength in graphics, increased game console wins, manufacturing process advancements and position in China remain positives. Additionally, AMD’s new APUs are expected to drive strong double-digit sequential increase in mobile processor unit shipments. We are therefore upgrading our rating to Outperform on AMD shares.”
AMD has been the subject of a number of other recent research reports. Analysts at Pacific Crest downgraded shares of Advanced Micro Devices from a “sector perform” rating to an “underperform” rating in a research note on Monday, June 23rd. Separately, analysts at Argus upgraded shares of Advanced Micro Devices to a “hold” rating in a research note on Monday, June 16th. Finally, analysts at Canaccord Genuity initiated coverage on shares of Advanced Micro Devices in a research note on Tuesday, June 10th. They set a “buy” rating and a $5.00 price target on the stock. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $4.83.
Advanced Micro Devices (NYSE:AMD) traded up 0.24% during mid-day trading on Wednesday, hitting $4.23. The stock had a trading volume of 18,440,948 shares. Advanced Micro Devices has a 52 week low of $3.04 and a 52 week high of $4.65. The stock’s 50-day moving average is $4.13 and its 200-day moving average is $3.93. The company has a market cap of $3.223 billion and a P/E ratio of 87.92. Advanced Micro Devices also was the target of a significant growth in short interest in the month of June. As of June 13th, there was short interest totalling 108,959,521 shares, a growth of 5.0% from the May 30th total of 103,812,988 shares. Based on an average daily volume of 15,816,995 shares, the short-interest ratio is currently 6.9 days. Currently, 17.7% of the shares of the company are sold short.
Advanced Micro Devices (NYSE:AMD) last posted its quarterly earnings results on Thursday, April 17th. The company reported $0.02 EPS for the quarter. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The company’s quarterly revenue was up 28.4% on a year-over-year basis. Analysts expect that Advanced Micro Devices will post $0.19 EPS for the current fiscal year.
Advanced Micro Devices, Inc (NYSE:AMD) is a global semiconductor company with facilities around the world.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.