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AMD Rises on Price Target Hike

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Investing.com — Advanced Micro Devices Inc (NASDAQ:AMD) jumped more than 4% after Bank of America (NYSE:BAC) bumped its price target higher. 

Analyst Vivek Arya raised the price target to $120 from $110, StreetInsider reported. The company has demonstrated its supercomputing success with increasing market share and an endorsement by Google (NASDAQ:GOOGL). These two events suggest break-out potential in AMD’s data center segment, Arya said. 

The analyst maintained a buy rating on the stock. 

Even if there are supply constraints, the improving mix towards data centers could provide catch-up potential, Arya wrote in a note. “We find valuation compelling (only semis below its 3-yr median forward PE), and at 6x CY22E EV/S a nearly 50% discount to SPX Infotech growth peers. We reiterate our Buy, raise our PO to $120 (30%+ upside) from $110 now on 45x CY22E EPS (vs. 42x prior) in line with growth peers.”

Shares are down about 4% since hitting a record in January. 

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