Why AMD Shares Are Rising

Advanced Micro Devices, Inc. AMD shares are trading higher by 6.32% to $96.89 during Wednesday’s pre-market session after the company reported better-than-expected first-quarter adjusted EPS and sales results and raised FY22 sales guidance.

AMD reported quarterly earnings of $1.13 per share which beat the analyst consensus estimate of 91 cents. The company also reported quarterly sales of $5.89 billion which beat the analyst consensus estimate of $5.52 billion by 7%. This sales figure represents a 70.89% increase over sales of $3.44 billion in the same period last year.

AMD raised the company’s FY22 sales guidance from around a 30% increase year-over-year to around 60% to $26.3 billion, which is higher than the analyst consensus estimate of $25.2 billion.

• Keybanc analyst John Vinh maintained AMD with an Overweight and lowered the price target from $165 to $150.
• Piper Sandler analyst Harsh Kumar maintained AMD with a Neutral and lowered the price target from $130 to $98.
• Jefferies analyst Mark Lipacis maintained AMD with a Buy and lowered the price target from $155 to $147.

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Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.

According to data from Benzinga Pro, AMD has a 52-week high of $164.46 and a 52-week low of $72.50.