Advanced Micro Devices Has 17% Upside, According to 1 Wall Street Analyst
One beneficiary of the rapid adoption of artificial intelligence (AI) over the past year or so has been Advanced Micro Devices (NASDAQ: AMD). The chipmaker has been working to capture a portion of the AI chip market, unveiling its long-awaited MI300X processor late last year.
Despite AMD gaining 84% over the past year, one Wall Street analyst thinks there's additional upside ahead.
Analysts at Baird just reiterated an outperform (buy) rating on AMD shares while maintaining a $200 price target. That suggests a potential upside for investors of 17% compared to Friday's closing price. The analysts acknowledge reports that a cloud infrastructure operator has cut its order for AMD's MI300X data center chips but suggest it may have purposefully over-ordered.
Source Fool.com