Semiconductor ETFs were among the few areas of strength coming off the long weekend as Advanced Micro Devices (NasdaqGS: AMD) surged on an improving market outlook.
On Tuesday, the VanEck Vectors Semiconductor ETF (NYSEArca: SMH) rose 0.1% and the iShares PHLX Semiconductor ETF (NasdaqGM: SOXX) added 0.2%.
Advanced Micro Devices helped prop up the sector after several analysts grew more optimistic over the future market share for the chipmaker. For example, Jefferies raised its price target on AMD to $30 per share from $22 based on its technological advantage over Intel, CNBC reports.
Cowen & Co. analyst Matthew Ramsay also raised his price target on the stock to $30 from $25, arguing “a tough setup for the bear thesis” given the company has either overcome or overcome a number of obstacles, MarketWatch reports.
Rosenblatt Securities previously raised its price target for AMD to $30 from $27, also pointing to company’s process manufacturing advantage compared to Intel.