Morgan Stanley says AMD can rise more than 20% despite semiconductor industry struggles

Advanced Micro Devices looks like a smart bet for investors despite big-picture concerns about the semiconductor sector, according to Morgan Stanley. Analyst Joseph Moore resumed coverage of the semiconductor stock with an overweight rating, saying in a note to clients that AMD appears to be leader in an industry facing headwinds.

Shares of AMD have fallen more than 40% this year in what has been a hard pullback across the semiconductor space. The industry is tied to overall economic growth, which may mean investors need to be patient for a rebound. Still, Morgan Stanley believes that AMD is undervalued at current levels.

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