On May 17th, Zenolytics released a bullish note on AMD with a $34 price target. Mentioned in the note as an "immediate upside catalyst" was the Computex Conference with the CEO of AMD giving the keynote.
As expected, the release of key new products that specifically target Intel was announced with the release date for these products being within the next six months.
A Cowen analyst had this to say following the presentation: "With 7nm Ryzen 3 PC and Rome server CPUs launching in mid-2019, Intel will no longer be able to rely on its n-node silicon advantage, and will instead lean on its incumbency and breadth of silicon as its 10nm chips are not expected out until late 2019 in PCs and 2020 in servers."
Intel is running far behind on product development giving AMD an opportunity to pull ahead as 2019 progresses. Advanced product development should be reflected in earnings throughout 2019, justifying AMD's relative strength throughout the carnage of the past month in the semiconductor sector.
Zenolytics maintains its $34 price target over the short-term.
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