UPDATE: Citigroup Raises PT to $12 on Advanced Macro Devices

Citigroup increases its price target from $9 to $12 on Buy/High-Risk-rated Advanced Macro Devices

following the company's clean quarterly beat. Citigroup comments, "Particularly in a quarter where chip company results seems to have a lot of ‘hair', AMD's clean 1Q12/2Q12 beat and raise builds upon the company's campaign toward consistent execution and should assuage some investors' reservations about the stock. Above consensus gross margin and an outlook for continued progression supports our belief that consensus GM has upside. Meanwhile, shipment growth in notebook & server point to share improvement for AMD, particularly when considering forthcoming product launches." AMD closed at $7.97 on Thursday.