Advanced Micro Devices and Intel are being tagged for an imminent business turnaround by Raymond James.
On Monday, the two major PC chip makers received recommendations from the investment bank’s Srini Pajjuri. The analyst raised his price targets for AMD AMD +2.75% stock (ticker: AMD) to $115 from $100 and Intel INTC +0.53% stock (INTC) to $33 from $30. Pajjuri has a Strong Buy rating for AMD and an Outperform rating for Intel.
AMD and Intel use the x86 chip architecture in making processors that act as the main computing brains for PCs and servers.
PC industry sales have deteriorated over the last few quarters. Worldwide shipments of PCs fell 28% in the December quarter from a year earlier after a 15% year-over-year decline in the September quarter, according to research firm IDC, which cited a continued unwinding of the pandemic-era boom...