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Strong Q2 results, Q3 guidance expected
FBR Capital Markets analyst Craig Berger has upgraded his rating on AMD, and he expects the chipmaker to report strong Q2 results and Q3 guidance tomorrow.
Berger claims Asian distributors performed better than expected in Q2, and that they are a bit more optimistic about Q3. According to his research, AMD's Q2 production increased by a whopping 78 percent compared to Q1, and it is expected to grow by a single point in Q3.
FBR Capital Markets' target share price for AMD is $5.25, and it is currently trading at $4.14. Six months ago, AMD slumped to $1.65, and it's share price is slowly growing back to pre recession levels.
However, just over three years ago, shortly after the ATI acquisition, AMD was trading at over $40.
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