Advanced Micro Devices' (AMD) well-orchestrated fiscal 2019 took full advantage of the competitive landscape tilted in the company’s favor. In a sector that tends to quickly commoditize innovation, AMD has found the lucrative combination of expanding gross margins and increasing market share. As some of the issues experienced by competitors dissipate, the data suggests that not all of AMD’s current competitive advantages will be transitory. As the market receives more clarity on the level of permanence associated with these advantages, so do the prospects of positive revisions and upgraded price targets.
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