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Advanced Micro Devices ticks higher having dropped by over 6% yesterday after Goldman Sachs initiated with sell’
Chip maker Advanced Micro Devices Inc (NYSE:AMD) ticked higher in pre-market trading in New York having dropped by over 6% yesterday after Goldman Sachs initiated coverage on the stock with a ‘sell’ rating and a 12-month price target of US$11.00.
After dropping 6.35% last night to close at US$13.27 a share last, AMD ticked 1.0% higher today to US$13.41.
In a note to clients, Goldman’s analysts acknowledged the strides AMD has made under chief executive officer Lisa Su since she was appointed in 2012.
But they said the stock seems to have already priced in a sharp improvement in its competitive and financial position under the new boss.
AMD shares have risen by 25% in the past three months and are up more than 400% over the past year.
The analysts added that current valuation metrics are difficult to justify and they expect the stock to underperform the market following AMD’s analyst day in May.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176157/advanced-micro-devices-ticks-higher-having-dropped-by-over-6-yesterday-after-goldman-sachs-initiated-with-sell-176157.html
