Shares of chipmaker Advanced Micro Devices (AMD) soared to a 52-week high on Friday after rival Intel (INTC) announced a delay of its new processor chips.
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While Intel stock slipped 16.2% on July 24, shares of AMD rose around 16.5% and touched a 52-week high of $69.94, before closing at $69.40. Another rival Taiwan Semiconductor Manufacturing Co. (TSM) also hit a 52-week high on Friday on Intel’s chip woes.
Following the Intel announcement, a few analysts cut their price targets and downgraded ratings on the company’s stock. At the same time, RBC Capital analyst Mitch Steves raised AMD’s price target to $71 from $66 on July 23, while Cowen analyst Matt Ramsay ramped up the price target to $65 from $60.
Currently, the Street has a cautiously optimistic outlook on AMD, which is set to report its earnings on July 28. With 12 Buys and 10 Holds, the analyst consensus rates AMD a Moderate Buy. The average target price of $57.76 implies a potential downside of 16.8%. (See AMD stock analysis on TipRanks).
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