AMD Stock Soars After Chipmakers Watershed Quarter
Summary
Wall Street analysts gushed about Advanced Micro Devices (AMD) on Wednesday after the chipmaker beat second-quarter sales and earnings targets and guided higher for the current quarter and full year. Late Tuesday, AMD reported better-than-expected June-quarter results thanks to strong sales of processors for notebook PCs and servers. Jefferies analyst Mark Lipacis said AMDs results were a "watershed" quarter for the company as it takes market share from rival Intel (INTC) in processors for personal computers and servers. Rosenblatt Securities analyst Hans Mosesmann kept his buy rating on AMD stock and hiked his price target to 120 from 70. It also is making chips from new video game consoles due out this fall from Microsoft (MSFT) and Sony (SNE).
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