UPDATE: Wedbush Upgrades Advanced Micro Devices Ahead of Gaming Console Launches
In a report published Monday, Wedbush analyst Betsy Van Hees upgraded the rating on Advanced Micro Devices (NYSE: AMD) from Neutral to Outperform, and raised the price target from $4.50 to $5.00.
In the report, Wedbush noted, “We upgrade Advanced Micro Devices (AMD) to an OUTPERFORM rating (from NEUTRAL) and increase our PT to $5 from $4.50. We believe in the near-term AMD will benefit from the ramp of gaming consoles and a modest lift from 2H seasonality and longer-term is well positioned to gain market share in servers with its dual architecture strategy. We believe AMD is back on track to deliver solid Q/Q and Y/Y earnings and revenue growth and recommend investors with a higher risk/reward tolerance to buy the stock.”
Advanced Micro Devices closed on Friday at $3.83.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.