Susquehanna analyst Christopher Rolland upgraded shares of Advanced Micro Devices Inc. (AMD) to positive from neutral on Wednesday, following the chip company's better-than-expected earnings report ( ) and Intel Corp.'s (INTC) admission last week that it would have to delay the release of its 7-nanometer chips. "As share shifts appear to be accelerating for AMD, and the competitive gap widens, we can no longer wait patiently," Rolland wrote in his note to clients. He expects that AMD could see a 20% share in the server market by 2023, up from single-digit share today, and 35% share in notebooks, up from about 20% now. "Overall, with a bit of good luck we envision more than $3 of EPS in 2023 and a bull case for almost $5 in 2025," he wrote. AMD shares are up 11% in premarket trading Wednesday and they've gained 47% so far this year. The S&P 500 is down 0.4% in that time and the PHLX Semiconductor Index is up 11%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 29, 2020 09:44 ET (13:44 GMT)
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