Advanced Micro Devices, Inc. (NASDAQ:AMD) announced that it has appointed Mark Durcan to its board of directors.
Durcan serves as an advisor to Micron Technology, and was previously CEO from 2012 until his retirement in May 2017. Throughout his 32-year tenure at Micron, Durcan held multiple senior leadership positions, including president and chief operating officer, chief technical officer, and vice president of research and development. Durcan has been awarded approximately 100 U.S. and overseas patents and is widely recognized as a semiconductor memory industry innovator.
“Mark led Micron through a period of significant growth. We look forward to gaining Mark’s deep industry insights, technical knowledge and leadership experience as a member of AMD’s board of directors,” said John Caldwell, AMD chairman of the board.
Durcan earned a Bachelor of Science degree in chemical engineering and a Master of Chemical Engineering from Rice University. He currently serves as a board member of AmerisourceBergen and St. Luke’s Health System.
Shares of Advanced Micro Devices are up nearly 2% to $11.22 in pre-market trading Wednesday. AMD has a 1-year high of $15.65 and a 1-year low of $6.22. The stock’s 50-day moving average is $13.15 and its 200-day moving average is $12.70.
On the ratings front, AMD stock has been the subject of a number of recent research reports. In a report issued on October 30, Morgan Stanley analyst Joseph Moore downgraded AMD to Sell, with a price target of $8, which reflects a potential downside of 27% from last closing price.On October 25, Canaccord’s Matt Ramsay reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Moore and Matt Ramsay have a yearly average return of 16.2% and 25.3% respectively. Moore has a success rate of 62% and is ranked #390 out of 4699 analysts, while Ramsay has a success rate of 68% and is ranked #56.
Overall, 4 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 8 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $14.52 which is 32.2% above where the stock closed yesterday.
Advanced Micro Devices is a global semiconductor company that develops computer processors and related technologies for business and consumer markets. It design and integrate technology for intelligent devices, including personal computers, game consoles and cloud servers. It operates through the following segments: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. The Computing and Graphics segment includes desktop, notebook processors, chipsets, discrete GPUs and professional graphics. The Enterprise, Embedded and Semi-Custom segment includes server and embedded processors, dense servers, semi-custom SoC products, engineering services and royalties.