Advanced Micro Devices rises as analysts believe it fared better than Intel in Q2
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Advanced Micro Devices (NASDAQ:AMD) shares rose on Monday as a couple of analysts said they were incrementally more positive on the semiconductor company ahead of its second-quarter results tomorrow.
Investment firm Lynx Equity Strategies said Intel's (NASDAQ:INTC) recent disappointing results were positive for the Dr. Lisa Su-led AMD (AMD), as the company's "lead over Intel in data centers could be more sustainable than imagined a quarter ago.â
In addition, Lynx Equity Strategies added that although investors expected AMD's (AMD) edge over Intel (INTC) in the server market to disappear after 2023, given the weak report, it's likely that the edge will last at least until 2024.
Lynx Equity Strategies also raised its price target to $110 from $95 in the report.
Advanced Micro Devices (AMD) shares gained more than 3% to $97.39 in early trading on Monday, while Intel (INTC) also tacked on 3.5%.
Separately, investment firm Susquehanna Group said AMD (AMD) is likely to "fare much better" than Intel (INTC) did in the second quarter, but its PC-related results may show weakness. 
"While AMD reiterated their 2022 guidance at their Analyst Day, we believe the outlook (particularly for PC) may have weakened since," analyst Christopher Rolland wrote in a note to clients.
However, Rolland noted that AMD (AMD) likely fared better in servers, and though there may be some concern about the third quarter, it will likely be "nothing similar to the magnitude of Intel's large miss."
Rolland also lowered AMD's (AMD) price target to $115 from $120, going into the report. 
A consensus of analysts expects AMD (AMD) to earn $1.04 per share on $6.53B in revenue during the period.
Last month, Wedbush Securities analyst Matt Bryson said AMD (AMD) was his top pick in the semiconductor space.