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NEW YORK (TheStreet) -- Shares of Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report surged 11.88% to $5.84 on heavy trading volume Friday after reporting a 2016 second-quarter earnings and revenue beat after Thursday's market close. 

The Sunnyvale, CA-based semiconductor company reported an adjusted loss of 5 cents per share on $1.03 billion in revenue vs. analysts' estimates of a loss of 8 cents per share on $951.3 million in revenue.

Advanced Micro Devices issued strong guidance as well, and expects third-quarter revenue to increase about 18% sequentially to $1.21 billion.

Canaccord Genuity reiterated a "buy" rating and increased its price target to $6.50 from $6 following the results.

The firm said it "remains impressed" with the new management team, and its estimates assume "only modest share recovery in core markets," which should yield upside to consensus estimates and a "quick recovery to solid profitability." 

But Pacific Crest argued that upside will depend on improved PC demand, GPU and CPU share gains from Polaris and Zen or more IP licensing deals with customers.

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About 101.72 million shares of Advanced Micro Devices were been traded today, well above its average trading volume of roughly 26.52 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D. 

AMD's weaknesses include its declining revenues.

You can view the full analysis from the report here: AMD

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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