Jefferies Reiterates Buy as Advanced Micro Devices (AMD) Announces Alibaba (BABA) Partnership

October 17, 2016 7:41 AM EDT
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Price: $9.88 +0.61%

Rating Summary:
    13 Buy, 16 Hold, 6 Sell

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Jefferies reiterated a Buy rating and $9.00 price target on Advanced Micro Devices (NASDAQ: AMD) following the company's announced partnership with Alibaba (NYSE: BABA). This is the 3rd deal that AMD has announced this year with China-based companies. Jefferies believes that AMD is working on more China deals, and expects more announcements over the next 6-to-12 months.

Analyst Mark Lipacis commented, "Last week AMD announced a partnership with Alibaba to do research to deploy AMD GPUs in Alibaba's Cloud services offering. This is the third deal announced this year with China-based companies - we think more are in the works. Our own checks indicate AMD's Zen Server MPU is gaining traction with China hyperscale players. Reiterate Buy."

For an analyst ratings summary and ratings history on AMD click here. For more ratings news on AMD click here.

Shares of AMD closed at $6.75 yesterday.

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