UPDATE: Canaccord Genuity Upgrades Advanced Micro Devices to Buy, Raises PT as Embedded Ramp Accelerates

In a report published Thursday, Canaccord Genuity analyst Bobby Burleson upgraded the rating on

from Hold to Buy, and raised the price target from $3.00 to $5.00. In the report, Canaccord Genuity noted, “We are upgrading shares of AMD to BUY from Hold ahead of what we expect to be strong performance versus PC-centric names as the company ramps its embedded business and begins to transition away from a near-exclusive reliance on PC demand. Specifically, we believe the embedded opportunity could drive momentum in Q3 as game consoles where AMD supplies custom silicon begin their production ramp ahead of the holiday shopping season. We are increasing our estimates and raising our price target to $5 from $3.” Advanced Micro Devices closed on Wednesday at $3.98.