Key Points
Advanced Micro Devices (NASDAQ: AMD) shares rose 3.8% as of 3:30 p.m. ET on Thursday, outperforming the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC), which gained 0.3% and 0.2% respectively. Earlier in the day, AMD shares peaked at a 5.4% increase.
HSBC upgraded its rating on AMD from hold to buy and raised its one-year price target from $100 to $200 per share, suggesting an upside potential of approximately 39%. The upgrade is attributed to a positive outlook for AMD’s graphics processing units (GPUs), particularly in the AI sector, as well as a competitive edge against Nvidia’s offerings.
