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Plans for Advanced Micro Devices, Inc. (NASDAQ:AMD) technology to be used in Microsoft Corporation (NASDAQ:MSFT)’s next-generation gaming console are a positive for the chipmaker, Wells Fargo said Monday.
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The use of AMD technology in the next-generation Xbox, code-named Project Scarlett, was expected. But it reinforces AMD in the high-end processor and graphics market for game consoles, Wells Fargo analyst Aaron Rakers said in a note as gaming watchers analyzed the industry’s biggest trade show, the Electronic Entertainment Expo, or E3, in Los Angeles.
Previous console use proved important for growth for AMD’s Graphics and Visual Solutions revenue, and is expected to provide a similar boost in 2020, Rakers wrote, adding that Wells Fargo sees its 10 percent growth estimate for 2020 as very conservative.
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Microsoft provided updates on Project Scarlett at E3, saying the new console will launch in time for the 2020 holiday season along with the "Halo Infinite" game.
Rakers has AMD rated Outperform with a price target of $38.
AMD's stock traded up 2.5 percent to $33.22 Monday afternoon.
Related Links:
AMD Partners With Microsoft For Project Scarlet
Morgan Stanley Upgrades AMD, Says 'Table Is Set Well' For 2020
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.