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Cray shares jump after analyst upgrades on AMD chip news

By Associated Press
April 28, 2008 | Comments (0)

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Shares of supercomputer maker Cray Inc. rose Monday after an analyst upgraded the supercomputer maker, citing greater chip availability from Advanced Micro Devices Inc.

The Seattle-based company's stock rose 48 cents, or 7.6 percent, to $6.83.

Northland Securities analyst Chad Bennett raised his rating to "Outperform" from "Market Perform" and kept a $9 price target. The target implies he expects the stock to rise about 42 percent over Friday's $6.35 close.

Bennett said news from AMD that it will begin shipping a type of core semiconductor gives him "increasing comfort" on chip supply.

The company is set to post first-quarter results on Tuesday, but Bennett said investors should look at the rest of the year, especially after the AMD news.

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