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Advanced Micro Gains Momentum Into Upcoming Product Launches

Advanced Micro Devices (AMD) stock has skyrocketed nearly 280% so far this year, but Canaccord analyst Matthew Ramsay said the best has yet to come.

"Our buy thesis on AMD shares remains intact despite the recent stock appreciation and volatility, and we continue to gain confidence," he said in a Dec. 13 note to clients. He increased his price target on the stock to $13 from $8.50, as there are "several catalysts" upcoming in the near future for AMD.

AMD shares on Thursday closed up 2.9% at $10.86.

Ramsay projected that the Sunnyvale, Calif., semiconductor company will soon re-emerge as a competitor to Intel (INTC) as its Zen CPU product gains share in the market, on track with the company's projections.

Additionally, AMD's gradual recovery of unit share in lower graphics processing unit market tiers with its Polaris product "should be supplemented" by the upcoming launch of its Vega offerings, he noted. A steadily increasing average selling price in the market should help both AMD and...


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