Advanced Micro Devices, Inc. (NASDAQ:AMD) announced the appointment of Mike Rayfield as senior vice president and general manager of AMD Radeon Technologies Group (RTG), and David Wang as senior vice president of engineering for RTG. Both will report to President and CEO Dr. Lisa Su. Rayfield will be responsible for all aspects of strategy and business management for AMD’s graphics business including consumer graphics, professional graphics, and semi-custom products. Wang will be responsible for all aspects of graphics engineering, including the technical strategy, architecture, hardware, and software for AMD graphics products and technologies.
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“Mike and David are industry leaders who bring proven track records of delivering profitable business growth and leadership product roadmaps,” said AMD President and CEO Dr. Lisa Su. “We enter 2018 with incredible momentum for our graphics business based on the full set of GPU products we introduced last year for the consumer, professional, and machine learning markets. Under Mike and David’s leadership, I am confident we will continue to grow the footprint of Radeon across the gaming, immersive, and GPU compute markets.”
Rayfield brings to AMD more than 30 years of technology industry experience focused on growth, building deep customer relationships, and driving results. Rayfield joins AMD from Micron Technology, where he was senior vice president and general manager of the Mobile Business Unit. Under Rayfield’s leadership, Micron’s mobile business achieved significant revenue growth and improved profitability. Prior to Micron, Rayfield served as general manager of the Mobile Business Unit at Nvidia, where he led the team that created Tegra.
With more than 25 years of graphics and silicon development experience, Wang brings deep technical expertise and an excellent track record in managing complex silicon development to AMD. Wang rejoins AMD from Synaptics, where he was senior vice president of Systems Silicon Engineering responsible for silicon systems development of Synaptics products. Under Wang’s leadership, Synaptics more than quadrupled its design team through acquisition and organic growth. Prior to joining Synaptics, Wang was corporate vice president at AMD, responsible for SOC development of AMD processor products, including GPUs, CPUs, and APUs. Previously, Wang held various technical and management positions at ATI, ArtX, SGI, Axil Workstations, and LSI Logic.
Shares of Advanced Micro Devices closed today at $12.94, up $0.29 or 2.29%. AMD has a 1-year high of $15.65 and a 1-year low of $9.70. The stock’s 50-day moving average is $11.07 and its 200-day moving average is $12.32.
On the ratings front, AMD stock has been the subject of a number of recent research reports. In a report released today, Morgan Stanley analyst Joseph Moore reiterated a Sell rating on AMD, with a price target of $8, which reflects a potential downside of 38% from last closing price. On January 18, Susquehanna’s Christopher Rolland maintained a Hold rating on the stock and has a price target of $13.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Moore and Christopher Rolland have a yearly average return of 15.3% and 12.7% respectively. Moore has a success rate of 60% and is ranked #499 out of 4753 analysts, while Rolland has a success rate of 69% and is ranked #288.
Overall, 4 research analysts have rated the stock with a Sell, 7 have assigned a Hold rating and 7 analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $14.73 which is 15% above where the stock opened today.