AMD's stock surges after analyst upgrades 2 months after turning bearish - MarketWatch

clicks | 10 months ago | comments: discuss | tags: cryptocurrency ethereum

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Shares of Advanced Micro Devices Inc. AMD, +1.80% surged 1.2% in premarket trade Tuesday, after the chipmaker was upgraded at Susquehanna, which cited Ethereum ETHUSD, -0.85% price gains and strong first-quarter results. Analyst Christopher Rolland raised his rating to neutral, after downgrading AMD to sell on March 26, and raised his stock price target to $11 from $8, saying "a lot can change in two months." Rolland said his downgrade was based on concerns over reliance on Ethereum-related GPU shipments, but since then, Ethereum prices have run up 36% in the past month, and AMD's better-than-expected first-quarter results were driven in part by non-cryptocurrency mining products. In addition, with rival Intel Corp. INTC, -1.79% unexpectedly pushing out volume production of 10nm into 2019, Rolland said AMD will be able to compete at a similar process technology for the first time in decades. The stock has rocketed 28% since AMD reported results after the April 25 close through Monday, while the PHLX Semiconductor Index SOX, -1.20% has rallied 8.8% and the S&P 500 SPX, -0.68% has gained 2.7%....