SUNNTVALE, Calif., (
has gained a supporter as a Barclay's analyst upgraded the troubled tech shop to buy from neutral Tuesday.
Citing new products and a possible upswing in PC sales, Barclay's analyst Tim Luke boosted his rating on AMD and raised his target price for the outfit to $7 from $4.
The move comes after a very troubling year for the No. 2 PC chipmaker that has been struggling in a market dominated by
. Last month, heavy debts and massive losses earned AMD a spot among the
Luke doesn't see AMD pulling out of the red anytime soon, though. He predicts AMD will lose $2.04 a share for 2009 and trim those losses to $1.10 next year. Those targets are lower than Wall Street consensus estimates calling for a loss of $1.67 a share this year and $1.94 in losses in 2010.
The AMD Survival Debate
The Barclay's upgrade gave AMD shares a 6.2% lift in midday trading Tuesday.
Written by Scott Moritz in New York