AMD (AMD) PT Raised to $8 at MKM Partners
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MKM Partners analyst Ian Ing reiterated a Buy rating and raised its price target on AMD (NASDAQ: AMD) to $8.00 (from $6.30) which they believe is reasonable ahead of sustained earnings leading to earnings multiple based valuations. This represents a 1.76x EV/17 Sales ratio using our above-Street sales estimates.
Ing said the stock's valuation versus peers is attractive: "This EV/Sales multiple remains at the low-end of the range within our coverage universe. ON (Buy, $9.70, $13 PT), MU (Buy, $13.51, $19 PT) and MRVL (Neutral, $11.30, $14 FV) within the same valuation peer group," he said.
In addition, the valuation is attractive on historicals given prospects: "For AMD, forward EV/Sales multiples have recently trended toward the upper end of six-year historicals, reflecting improved prospects for the company driven by the new product pipeline including Zen server in 1H17," Ing added.
Shares of AMD closed at $6.47 yesterday.
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