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Bernstein nearly doubled its price target on Advanced Micro Devices Inc. after the chipmaker posted first-quarter results that topped market expectations.
BlockBeats reported on May 6 that Bernstein raised its target on AMD to $525 from $265 and kept an Outperform rating on the stock.
The sharp increase followed AMD's first-quarter earnings beat. AMD said a day earlier that first-quarter revenue rose 38% from a year earlier to $10.3 billion. Earnings per share were $1.37, above the market estimate of $1.28.
AMD also forecast about $11.2 billion in second-quarter revenue, well above the $10.5 billion consensus compiled by Bloomberg.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
