Why AMD Stock Surged to a New All-Time High Today
Shares of Advanced Micro Devices (NASDAQ: AMD) jumped 9.5% to a new closing high of $85.04 on Tuesday, following bullish analyst commentary and the launch of a new product.
Jefferies analyst Mark Lipacis reiterated his buy rating on AMD's stock and boosted his target price from $86 to $95. Lipacis expects AMD to rapidly gain share in the coveted server market, due in part to Intel's (NASDAQ: INTC) struggles with its transition to new 7-nanometer chips. Lipacis predicts that Intel's delays will help AMD capture 30% of the server market within the next three years and as much as 50% within the next half-decade, up from about 10% today.
Advanced Micro Devices' stock hit a record high on Tuesday. Image source: Getty Images.
Source Fool.com
