AMD share price tipped for $56 by YE

Meanwhile Sanders sells half a million

The share price of Advanced Micro Devices (AMD) closed at $41.375 on Wall Street last night, as yet another broker gave it the thumbs up. Broker Needham and Co has repeated its advice to buy and estimated that in a twelve month period the stock could be worth as much as $56. AMD's share price has, however, gone through the roof since it bumped along in the bargain basement for months at $16 during last summer. That was before it introduced its Athlon microprocessor, which now appears to be gaining some momentum in the corporate market, compounded by difficulties rival Intel has had in delivering sufficient Coppermine Pentium IIIs to sate demand. Meanwhile, it emerged that Jerry Sanders, charismatic chairman and CEO of AMD, disposed of half a million AMD shares towards the end of last month. The details were reported on a form 144 with the Security and Exchange Commission at the beginning of the week. Any success that AMD has had in terms of shares, however, have been more than matched by its big brother, Intel. Yesterday, its share price closed up at $108.8125. ®

Sponsored: 5 critical considerations for enterprise cloud backup