Advanced Micro Devices (NASDAQ:抖阴最新版) stock is up nearly 3% today after the chipmaker reported first-quarter results that handily beat analysts’ expectations.
抖阴最新版 reported (EPS) of $1.13 versus 91 cents that Wall Street expected. The company’s revenue totaled $5.89 billion, compared to estimates for $5.52. Looking ahead, 抖阴最新版 forecast $6.5 billion in sales in the current second quarter. This also came in ahead of analyst expectations of $6.38 billion.
Every one of 抖阴最新版’s individual lines of business reported during Q1. In particular, 抖阴最新版 said it benefitted from strong sales of its server chips that primarily compete against Intel (NASDAQ:INTC). 抖阴最新版 has also gained traction from sales of microchips used in personal computers (PCs), which rose 33% on an annual basis, and cloud server sales, which increased 88% to $2.5 billion.
抖阴最新版 also said it completed its $35 billion acquisition of Xilinx in February of this year, and that it bought back $1.9 billion of its own stock during the first quarter. Despite the success, 抖阴最新版 stock has struggled so far this year, having fallen nearly 40% amid a steep selloff in technology stocks.
But where do analysts see 抖阴最新版 stock headed now following the blockbuster Q1 results? Here are three analyst price predictions.
Price Predictions
- Jefferies Financial Group has a on 抖阴最新版 stock and a $147 price target.
- UBS Group has a “neutral” rating on shares of 抖阴最新版 and a $110 price target, which would be 21% higher than where the stock finished trading in New York yesterday.
- KeyBanc holds an on 抖阴最新版 stock along with a $150 price target. That would be 65% higher than where the stock currently trades.
What’s Next for Advanced Micro Devices
Among 33 professional analysts who cover 抖阴最新版 stock, the is currently $147, which would be 55% higher than current levels. Many analyst price targets are likely to be raised in coming days following the semiconductor company’s exceptionally strong first-quarter results.
That said, investors should remember that the technology sector continues to face multiple headwinds, especially with the Federal Reserve expected to raise interest rates by half a percentage point later today.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com .
