Raymond James analyst Chris Caso expressed his positive opinion on Advanced Micro Devices (NASDAQ) shares trading at nearly 30% of the record high in November 2013.

AMDs valuation seems attractive relative both to its historic valuation and to that of the high multiples semis (AMD/NVDA/MRVL and MPWR) according to an analyst.

GIven shares trade at 24x C23 EPS per share, Caso claims the market discounting around a 30% reduction to consensus earnings. The analyst remains positive, however. AMD will likely ensure additional share gains and continue to drive growth due to the roadmap discrepancy with Intel (NASDAQ):

Caso is most convinced about QCOM. We think they can catch up to unfulfilled high end demand in 2H.

He expects QCOM, QORVO (NASDAQ:), and Skyworks Solutions, (NASDAQ:), to experience a drop in sales in June, due to a lack of product launches during the June quarter. Sales will rebound in September.

Caso has positive results in analog. Analog Devices (NASDAQ:).

Caso said that ADI is particularly intriguing due to the upcoming analyst conference, where the company will set new growth targets. They also expect to have better synergy with Maxim, and resilience in a downturn, thanks to the hybrid manufacturing model. The company claims it can achieve 70% trough GMs.

By Senad Karaahmetovic