Buy AMD Stock for Improving Data-Center and Gaming Demand, RBC Says

ERIC J. SAVITZ | December 23, 2019

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Advanced Micro Devices shares are getting a boost from RBC Capital analyst Mitch Steves, who reiterated his Outperform rating and raised his price target on the chip maker’s stock, citing improved business from both data-center and gaming customers. In a research note on Monday, the analyst raised his target for AMD’s stock (ticker: AMD) price to $53 from $50. AMD is up 3.1%, to $45.53.He said that in 2020, he now expects the company to earn $1.30 a share, up from a previous forecast for $1.24. For 2021, Steves now anticipates earnings of $1.74 a share, up from a previous forecast of $1.68. Those forecasts are substantially higher than the Wall Street consensus estimates of $1.10 a share for next year, and $1.51 for 2021.

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