Advanced Micro Devices Inc. (NASDAQ:AMD) exhibits “continued superior execution on all fronts,” according to BMO Capital Markets.
The Advanced Micro Devices Analyst: Ambrish Srivastava upgraded the rating for Advanced Micro Devices from Market Perform to Outperform, while raising the price target from $100 to $115.
The Advanced Micro Devices Thesis: Although there are headwinds from the PC market in the near term, the Santa Clara, California-based company has earnings power in the longer term, Srivastava said.
Advanced Micro Devices is likely gain market share from Intel Corporation (NASDAQ:INTC), the analyst explained.
“Our sense is that with the several key architectural innovations the company has made, along with rolling out a lineup of products that has enabled the company to not only close the gap but get ahead in many cases, AMD’s credibility with customers has continued to climb,” Srivastava wrote. “This should enable AMD to gain a larger share of the wallet, especially on the faster growing cloud data center TAM.”
AMD Price Action: Shares of Advanced Micro Devices opened at $78.26 on Thursday, July 14. It hovered at around $77.64 at the time of publication.
Image: AMD headquarters, courtesy of Wikimedia Commons
