Advanced Micro Devices (NASDAQ: AMD) shares are up over 3% premarket after the stock was upgraded by analysts at UBS and Baird.
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AMD shares are down 50% in 2022 but gained over 5% on Friday and have risen ahead of Monday’s open. In the last week, AMD shares have climbed over 15%.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
UBS analyst Timothy Arcuri upgraded AMD to Buy from Neutral on Monday, raising the firm’s price target on the stock to $95 from $75 per share. In a research note, Arcuri told investors that AMD’s PC segment has been early in digesting inventory and been dragging down growth, but overall CPU shipments are annualizing to about 230 million units in the fourth quarter, “far below even the most bearish market forecasts for PCs in 2023.”
The analyst continued that he further anticipates “some replenishment” in FY23, while compute hardware “typically out-performs off the bottom.”
Elsewhere on Monday, Baird analyst Tristan Gerra also upgraded AMD to Outperform from Neutral, raising the firm’s price target to $100 from $65 per share. The analyst explained that his supply chain checks emphasize the “strong reception” of Genoa at data center makers, which are moving significant resources in support of AMD. Gerra added that the Genoa chip’s “very significant” performance step-up should speed up market share gains for AMD in 2023 with significantly higher pricing and a higher gross margin profile.
