Advanced Micro Devices, Inc. (NASDAQ:AMD) shares could rebound Thursday, snapping a three-session losing streak. The immediate trigger could be bargain hunting, especially with a positive sell-side price target rerating the stock received on Thursday.
The AMD Analyst: KeyBanc Capital Markets analyst John Vinh maintained an Outperform rating on AMD shares and raised the price target from $140 to $170, suggesting over 25% upside from current levels. The upward adjustment, the analyst said, is based on 44 times KeyBanc’s 2024 earnings estimate.
The AMD Thesis: AMD is positioned well to monetize the “genAI” market, which is estimated at $150 billion in 2027, said Vinh in the note. The ramp-up of the MI300X GPUs will likely help the company, with the new AI chip ...