Shares of Advanced Micro Devices (AMD) jumped about 8.4% on Wednesday after announcing a new line of desktop chips. The stock touched a 52-week high of $62.00 before closing at $61.79.
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The latest offerings include Ryzen 4000 Series Desktop Processors and Athlon 3000 Series Desktop Processors. Both the processors are based on AMD’s ‘Zen 2’ core architecture and 7 nanometer (nm) process technology. These PC chips include built-in Radeon graphics and are suitable for the commercial as well as consumer PC markets.
While the 4000 G-series line of chips is mainly designed for gamers, streamers and content creators, the PRO series will target the enterprise market and have multi-layered security features.
On July 23, RBC Capital analyst Mitch Steves raised the price target on AMD to $71 from $66, implying a potential upside of about 15% from the current levels.
Overall, the Street has a cautiously optimistic outlook on AMD. Based on 12 Buys and 10 Holds, the analyst consensus rates AMD a Moderate Buy. The average price target of $57.76, implies a potential downside of 6.5% (See AMD stock analysis on TipRanks).
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