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AMD Shares Rise to New Record Towards Market Capitalization of $ 100 Billion

Advanced Micro Devices Inc. AMD,
+ 8.16%
On Tuesday, it rose to new records after an analyst raised its price target on the chip company. AMD stocks spent Tuesday building new intraday records and were last up 8.5% to $ 84.30, on track for a new all-time high. The stock last closed at a record $ 78.20 as of July 30, fresh from AMD’s strong gains and indications that the company’s stock is beating Intel Corp. INTC,
+ 0.53%
was more lively. At the current level, AMD is about $ 1 billion shy of breaking a $ 100 billion market cap. In a Tuesday note, Jefferies analyst Mark Lipacis, who has a buy rating on AMD, raised his price target on AMD from $ 86 to $ 95. Lipacis said the leadership of AMD, and its chip maker Taiwan Semiconductor Manufacturing Co. TSM,
-0.16%,
via Intel seemed ‘systemic’. Lipacis said he expects the AMD share increase to increase especially in the server market, with an estimated share of 30% in the next two to three years and 50% in four to five years. In its recent profit call, AMD said it had just reached 10% of the server market. Of the 36 analysts that cover AMD, 15 have considered or are buying ratings, 18 have hold ratings and three have sell ratings, with an average price target of $ 75.76, according to FactSet data.

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