Advanced Micro Devices Stock Has 38% Upside, According to 1 Wall Street Analyst
Shares of Advanced Micro Devices (NASDAQ: AMD) are down 28% since touching an all-time high of $227.30 last month. The dip coincides with recent weakness in the major market indexes, but analyst Frank Lee at HSBC believes the stock could climb back to its previous high based on AMD's opportunity to supply the growing demand for chips needed for artificial intelligence (AI).
Lee has upgraded AMD from hold to buy and raised his price target from $180 to $225, representing 38% upside over the current share price of about $163.
With the December launch of the MI300 chip, AMD has its sights set on capturing the soaring demand for AI GPUs. Management previously estimated it would generate over $2 billion in data center GPU revenue this year but recently raised that forecast to more than $3.5 billion based on early customer interest in the MI300.
Source Fool.com
Advanced Micro Devices Inc. Aktie
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