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Advanced Micro Devices, Inc. (NASDAQ:AMD) reported fourth-quarter results after Tuesday's market close, which initially sent shares lower by 7 percent before the stock fully erased all of its losses. Investors will be closely looking at AMD's results to gauge the overall semiconductor space.
The Analyst
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B Riley FBR's Craig Ellis doesn't rate AMD's stock but maintains a Buy rating on Intel Corporation (NASDAQ:INTC)'s stock with an unchanged $55 price target and a Buy rating and $270 price target on NVIDIA Corporation (NASDAQ:NVDA)'s stock.
The Thesis
AMD's earnings report read-through for Intel should be seen as "more positive than negative," Ellis said in a Wednesday note. (See the analyst's track record here.)
AMD is gaining some traction in its PC and server products, but excluding the strength from cryptocurrency, AMD's notebook and/or server MPU share inroads are "modest," the analyst said.
As Intel introduces its 10nm PC products later on in 2018, its competitiveness "should jump higher" versus AMD, Ellis said.
Moving on to Nvidia, AMD's Gaming's performance bodes well for Nvidia's upcoming report, which could see "material upside" to Ellis' $1.616-billion revenue estimate, he said.
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Similarly, AMD's strong performance in the data center segment bodes well for Nvidia's data center business, which could report upside to current estimates of $541 million in the fourth quarter, Ellis said.
Price Action
Shares of AMD were trading higher by 3.3 percent early Wednesday morning.
Shares of Intel were trading higher by 0.8 percent early Wednesday morning.
Shares of Nvidia were trading higher by 1.3 percent early Wednesday morning.
Related Links:
Chip Stocks Q4 Earnings: Intel Sets The Tone For AMD, Nvidia
AMD Bear Admits Q4 Earnings Upside Is Likely On Cryptocurrency Strength
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.