AMD's Stock Surges Ahead Of Analyst Meeting
Shares of Advanced Micro Devices Inc. surged 7.5% in midday trade Tuesday, to stretch their win streak to six sessions, ahead of the chip maker's analyst day. The stock has now run up 22% since it closed at a 3 1/2-month low of $10.04 on May 8, but was still down 9.8% since AMD reported first-quarter results that disappointed investors. Canaccord Genuity analyst Matthew Ramsay said the analyst gathering will give AMD management a chance to be much clearer on how its turnaround is on track, following a "rocky" post-earnings call with analysts earlier this month. He reiterated his buy rating and stock price target of $17, which is 38% above current levels, writing in a note to clients that "we remain confident in our positive thesis, despite the recent stock appreciation and then volatility, and continue to gain confidence in AMD's new management team and product roadmaps." Separately, Fudzilla reported Tuesday that Intel Corp. is licensing AMD's graphic chips, following similar chatter reported three months earlier. AMD's stock has more than tripled over the past 12 months, while the PHLX Semiconductor index has rallied 66% and the S&P 500 has climbed 16%.
Copyright © 2017 MarketWatch, Inc.