AMD (AMD) PT Raised to $4.50 at Jefferies on 'Beat and Raise' Qtr
Jefferies analyst Mark Lipacis reiterated a Buy rating and raised his price target on AMD (NASDAQ: AMD) to $4.50 (from $3.50) following the 'beat and raise' quarter from the company.
Lipacis commented, "AMD Beat 1Q and Raised 2Q outlook on new product visibility. Importantly, it announced a JV with a Chinese group to license its server technology to make x86 processors for the Chinese market for $193m in license fees and royalties on products sold. Our thesis has been that AMD has a unique set of IP (x86, ARM, Graphics, Server) that ultimately will get monetized - we wouldn't be surprised to hear more announcements in the future. Reiterate Buy."
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Shares of AMD closed at $2.62 yesterday.