S&P 500 target for 2020 raised to 3,600 from 3,425 at Credit Suisse

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AMD price target boosted to $60 at Cowen

Cowen & Co. analyst Matthew Ramsay boosted his price target on Advanced Micro Devices Inc. shares to $60 from $47 on Monday, with his new target ranking as the second highest among analysts tracked by FactSet. Ramsay senses a change in tone during conversations on AMD’s future: “Our queries continue to shift to ‘when,’ not ‘if’ in terms of share gains and [earnings per share/free-cash flow] growth, as investors largely no longer question whether or not AMD will gain material x86 share or deliver upon its roadmaps, but instead try to better understand the cadence, magnitude, and competitive roadmap positioning as Intel experiences 14-nanometer supply constraints and roadmap changes.” He pointed to AMD’s “track record of consistent roadmap execution and stability” now that its Zen-2 7-nanometer product has been launched for desktops, notebooks, and servers. AMD shares are off 0.3% in premarket trading Monday, but they’ve gained 59% over the past three months as the S&P 500 has risen 11%.

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