Credit Suisse Upgrades AMD (AMD) to Neutral
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Credit Suisse upgraded AMD (NASDAQ: AMD) from Underperform to Neutral with a price target of $7.00 (from $5.50).
Analyst John Pitzer commented, "... we believe NT momentum over the next few quarters will continue to offset many of our longer term concerns around lack of scale."
The firm sees the following positive catalysts:
(1) C3Q/C4Q guidance looks conservative
(2) Recent funding significantly improves balance sheet, liquidity, and trough valuation
(3) Renegotiation of WSA provides flexibility and a more credible roadmap
(4) Zen product launch in 2017 should help the narrative
(5) AMD IP still valuable, with monetization still likely.
Shares of AMD closed at $6.50 yesterday.
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