Analyst Update: Advanced Micro Devices, Inc., Proofpoint Inc, and CBS Corporation

Analysts are weighing in on semiconductor stock Advanced Micro Devices, Inc. (NASDAQ:AMD), cybersecurity specialist Proofpoint Inc (NASDAQ:PFPT), and media concern CBS Corporation (NYSE:CBS). Here's a quick roundup of today's brokerage notes on AMD, PFPT, and CBS.

• AMD reported better-than-expected earnings last night, garnering the stock a round of bullish analyst attention, including price-target hikes from no fewer than four brokerage firms. Plus, Northland Capital reiterated its "outperform" rating and $8.50 price target -- in five-year-high territory -- citing "a number of new, exciting products slated for early CY17." An analyst at the firm also said he expects Advanced Micro Devices, Inc. to "continue to reward investors." Neither shareholders nor recent call buyers are being rewarded today, however. A disappointing fourth-quarter revenue forecast seems to be overshadowing AMD's upbeat earnings results, with the shares shedding 6.5% at $6.51. Still, the stock is sitting on a nearly 127% year-to-date lead, even as some traders have been betting on a breather of late, with short interest on the stock rising sharply.

• PFPT is up 10.2% at $76.92, after the company blew past estimates for earnings and revenue, while also announcing it will acquire startup FireLayers for $55 million. The news led at least 11 brokerages to raise their price targets on the stock, including Citigroup, which set the highest target, at $96 -- well into record-high territory. In fact, the shares are seated just shy of their September all-time peak of $80.68, though not everyone is so optimistic. Options volume has been light on an absolute basis, but the action has been strongly skewed toward puts of late. Across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 3.60 Proofpoint Inc puts for each call over the last 10 weeks -- a ratio that ranks in the 88th annual percentile.

• CBS is getting a boost from a fresh "buy" rating and $72 price target at Wunderlich, where an analyst noted he sees the stock potentially going to $80 by 2020, whether or not the company closes a deal with Viacom, Inc. (NASDAQ:VIAB). This upbeat attention has CBS Corporation trading 2.5% higher at $57.91, after tapping an annual high of $58.35 earlier in the day. Bullish sentiment from the brokerage crowd is nothing new for the stock, though. Out of the 20 firms tracking CBS, 16 maintain a "buy" or better rating, versus four "hold" opinions and not a single "sell."