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Advanced Micro Devices (NASDAQ: AMD) shares increased by 1.1% on Monday, reaching 3:15 p.m. ET, amidst positive trends in the broader market, where both the S&P 500 and Nasdaq Composite rose by 0.7%. AMD’s stock has experienced a 22% rise over the last three months.
On the same day, Melius upgraded AMD’s rating from “hold” to “buy” and raised its one-year price target from $110 to $175 per share. Melius attributes this upgrade to AMD’s potential in the artificial intelligence (AI) sector, particularly regarding its graphics processing units (GPUs) for AI applications, and upcoming releases like the MI400 processor.
Recent market sentiment around AMD’s AI capabilities has strengthened, especially following its Advancing AI conference. While AMD faces stiff competition from Nvidia in high-end GPUs, it is positioned to succeed in less demanding AI inference processors.
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