Advanced Micro Devices (AMD): Reiterating Outperform After Offerings Improve Balance Sheet - Wells Fargo
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Wells Fargo analyst, David Wong, reiterated his Outperform rating on shares of AMD (NASDAQ: AMD) after the company announced 2 public offerings: 1) $600
million of common stock and 2) $450 million of convertible senior notes. AMD plans to use the net proceeds of $1.02 billion to repay borrowings under its credit facility and/or to purchase its outstanding senior notes.
The analyst stated "We think that this latest announcement from AMD to issue new stock and
convertible notes brings additional cash into the company, further strengthening
its balance sheet. We think that AMD will achieve ongoing business momentum
over the next few quarters: 1) Continuing to gain graphics share with ramping
sales of its latest generation of GPUs (graphics processor units) – the Polaris
family, 2) Reporting additional revenues streams from new semi-custom
products, beginning in the 2nd half of 2016, and 3) Re-engaging in the x86 server
processor market in 2017 with its new Zen-based server processor family, Naples."
No change to the valuation range of $8 - $10.
Shares of AMD closed at $7.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Union Pacific (UNP) PT Raised to $102 at Stifel Following 4Q Report
- Carter's (CRI) PT Lowered to $105 at Oppenheimer; Reiterates Outperform
- Zayo Group Holdings (ZAYO) PT Raised to $41 at BTIG; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Equity Offerings
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!