Jefferies Reiterates Buy as Advanced Micro Devices (AMD) Announces Alibaba (BABA) Partnership
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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."
Shares of AMD closed at $6.75 yesterday.
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