Shares of semiconductor stock Advanced Micro Devices (NASDAQ: AMD) jumped 4.5% by the close of trading on Thursday after a pair of Wall Street banks endorsed the stock with buy ratings.
First in line this morning was Raymond James, which according to StreetInsider.com initiated coverage of AMD with an outperform rating and a $100 price target. Citing AMD's 15% pullback in share price since the year began, Raymond James said now is the time to "get involved with AMD," which has been hurt both by investor anticipation of a turnaround at archrival Intel (NASDAQ: INTC), and also by this week's announcement that NVIDIA (NASDAQ: NVDA) is moving into the business of building CPUs to compete with both AMD and Intel.
Contradicting these theories, the analyst predicts that AMD will retain an advantage in CPUs through at least 2024.
Source Fool.com