AMD upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Toshiya Hari upgraded AMD (AMD) to Neutral from Sell and raised his price target for the shares to $21 from $13.25. The chipmaker closed yesterday down 48c to $19.10. Intel's (INTC) struggles with 10nm process technology make it increasingly harder to argue for a bear thesis, even following the recent rally in the shares, Hari tells investors in a research note. The analyst admits, however, that he still has concerns related to AMD's graphics processing unit business given the continued decline in cryptocurrency mining demand and increased competition from Nvidia (NVDA). Nevertheless, the delay in Intel's new products will allow AMD to gain share in not only client computer processing units, but also in the "lucrative" server CPU market, Hari contends. He believes this makes for a balanced risk/reward profile on AMD shares.