Analyst Upgrades: Advanced Micro Devices, Amazon, Relypsa

Analysts are weighing in on semiconductor stock Advanced Micro Devices, Inc. (NASDAQ:AMD), online retailer Amazon.com, Inc. (NASDAQ:AMZN), and biotech Relypsa Inc (NASDAQ:RLYP). Here's a quick roundup of today's bullish brokerage notes on AMD, AMZN, and RLYP.

• AMD is up 3.2% at $4.57, after Canaccord Genuity upgraded the stock to "buy" from "hold," and hiked its price target to $6 from $3.25. "We remain impressed with the new management team," stated analyst Matthew Ramsay (subscription required). "AMD is set up … to benefit for upcoming 4K/VR-related gaming console refreshes." Year-over-year, Advanced Micro Devices, Inc. shares have nearly doubled in value, increasing 91% and touching an annual high of $4.71 on May 31. Even before today's Canaccord Genuity upgrade, AMD had outperformed the greater S&P 500 Index (SPX) by 56.8 percentage points over the last 60 sessions.
 

• AMZN is down 0.3% at $712.43, even after KeyBanc/Pacific Crest hiked its price target to $820 from $800, citing Amazon's latest changes and cost-saving measures with delivery methods. "Amazon continues to innovate in last-mile delivery," according to the analysts. Amazon.com, Inc. is up over 66% year-over-year, and continues to fare well in the month of June, touching a record high of $731.50 earlier this month. Analysts have been overwhelmingly positive toward the stock, with 27 of 31 rating AMZN a "buy" or better, and without a single "sell" rating to be seen. Options buyers are more bearish than usual, however, with AMZN's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX) of 1.12 sitting in the 90th percentile of its annual range.


• RLYP is trading at $18.71, up 3.1%, after the drugmaker reported May hospital sales data on Veltassa, its hyperkalemia drug. Subsequently, Wedbush reiterated its "outperform" rating and $51 price target -- more than double RLYP's current price -- with analysts saying they are "especially encouraged by the continued growth in outpatient subscriptions filled, which we believe is a barometer for reimbursement success." Still, Relypsa Inc shares have lost nearly half of their value year-over-year, with rally attempts being contained by the stock's 50-week moving average since August. Speculative players seem pessimistic on the stock, with short interest up 24.1% over the last two reporting periods, and shorted shares now accounting for over 54% of the stock's float.