Jefferies Boosts Price Target on AMD (AMD) After Solid Q1

Jefferies boosted its price target on AMD (NYSE: AMD) from $10.50 to $11 following Q1 results with rev and gross margin both beating which reinforces the firm's view that at 0.9 EV/S AMD offers one of the best risk/reward in the group.

The analyst commented, ". Looking forward, 2Q product cycle launches in the mainstream (Trinity) and low-end (Brazos 2.0) should translate to more notebook MPU share gains and upside to ASPs and margins. Our sense is that investors are skeptical of AMD, we prefer out of favor stocks with product cycles at this part of the cycle."

FY12 EPS goes up from $0.68 to $0.78 and FY13 goes from $1.08 to $1.21.

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 $7.97 yesterday.

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