AMD's Stock Soars On Heavy Volume As Analysts Boost Price Targets After Results

By Tomi Kilgore Markets MarketWatch Pulse

Advanced Micro Devices Inc.'s stock shot up 12% in morning trade Wednesday, and was the most-actively traded on the major U.S. exchanges, in the wake of the chipmaker's fourth-quarter results. Volume spiked to 70 million shares, which was already more than the full-day average of 46.2 million shares. A number of analysts followed AMD's results with raised stock price targets. Susquehanna Financial's Christopher Rolland kept his rating at neutral, but boosted his stock price target to $9.00 from $6.50, saying he was "somewhat surprised" to see results improving in front of new 2017 product launches. Analyst Harlan Sur at J.P. Morgan also kept his rating at neutral but raised his stock price target to $10 from $7, while Stifel Nicolaus' Kevin Cassidy lifted his target to $8.00 from $6.80 but left his rating at hold. AMD's stock has rocketed more than five-fold the past 12 months, while the PHLX Semiconductor Index has rallied 54% and the S&P 500 has gained 17%.

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