Shares of Advanced Micro Devices (NASDAQ: AMD) gained 2.38 percent on Thursday after one analyst said the company may be benefitting more from the cryptocurrency boom than it’s let on. Graphics cards from AMD and Nvidia Corp. (NASDAQ: NVDA) are used to “mine” cryptocurrencies such as Bitcoin and Ethereum.
Analyst Christopher Rolland of Susquehanna Financial Group said in a recent note that the two Silicon Valley companies “likely benefited” from more than $500 million in Ethereum-related sales in the fourth quarter of 2017, per MarketWatch. While cryptocurrency prices have gyrated wildly in recent months, “mining profitability remains among the highest in history,” Rolland said, per MarketWatch, adding: AMD was the No.
2 top-performing Silicon Valley stock on Thursday. No.
1 was Palo Alto Networks (NYSE: PANW), which gained 2.29 percent after an analyst gave the company a bullish outlook for growth. “We believe the risk-reward has become more compelling with product growth expectations now reset to more realistic levels,” Evercore ISI analyst Ken Talanian said in a note on Thursday.
He upgraded the stock from “in line” to “outperform” and increased his price target on the shares from $150 to $180. The Bloomberg Silicon Valley High Technology Index of 13 of the biggest Silicon Valley technology stocks gained 0.21 percent, led by AMD, eBay and Facebook (NASDAQ: FB), up 1.43 percent. Read more from bizjournals.com…
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