In a research note titled “What’s Good IP Going For These Days?,” Jefferies analyst Mark Lipacis says recent acquisitions of semiconductor companies with good intellectual property, such as ARM, Mobileye and Linear Technology, have garnered enterprise-to-sales multiples of five to 27 times. With an enterprise-to-sales ratio of two times, AMD looks undervalued, Lipacis contends. He believes the company has a “unique” combination of intellectual property in x86 and GPUs. The analyst keeps a Buy rating on AMD with a $19 price target. The chipmaker closed yesterday down 59c to $11.12.