Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Advanced Micro Devices (AMD – Research Report) today. The company’s shares closed yesterday at $27.63.

Rakesh wrote:

“We believe 1Q19 saw some minor Stadia contribution. AMD noted server CPU revenue grew strong y/y with EPYC processor channel and OEM CPU sales up q/q. AMD noted AMZN EC2 using EPYC and some continued inventory cleanout in 1H19 but expects strong 2H19 ramps with Rome as channel inventory improves. We believe AMD continues to see server market share of 10% by 1H20 (vs 4Q18 ~5%). 7nm Navi gaming GPU and seasonal console pickup. AMD noted the next- generation Sony PlayStation console uses AMD Zen2 CPU and Navi GPU based SoC architecture. AMD sees its 7nm gaming GPU Navi ramping in 3Q. Adjusting estimates; PT to $33, and reiterating our Buy rating. Adjusting our JunQ rev/EPS from $1.5B/$0.12 to $1.5B/$0.08, F19E from $6.9B/$0.65 to $7.0B/$0.67, and F20E from $7.9B/$0.87 to $8.0B/$0.89.”

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 22.8% and a 63.9% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Cypress Semicon.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Advanced Micro Devices with a $29.80 average price target, implying a 7.9% upside from current levels. In a report issued on April 23, Jefferies also reiterated a Buy rating on the stock with a $34 price target.

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The company has a one-year high of $34.14 and a one-year low of $10.83. Currently, Advanced Micro Devices has an average volume of 65.91M.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock.

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Advanced Micro Devices, Inc. engages in the provision of semiconductor businesses. It operates through the Computing & Graphics and Enterprise, Embedded & Semi-Custom segments. The Computing and Graphics segment includes desktop and notebook processors and chipsets, and discrete and integrated graphics processing units.