- Advanced Micro Devices (NASDAQ:AMD) stock got an upgrade from Piper Sandler.
- This bumped shares up to an “overweight” rating.
- It also includes a new price target of $140 per share.
Advanced Micro Devices (NASDAQ:AMD) stock is heading higher on Tuesday following an upgrade from Piper Sandler.
Piper Sandler analyst Harsh Kumar upgraded AMD stock from a “neutral” to an “overweight” rating. That’s in line with the analyst consensus rating of “buy.”
In addition to that upgrade, Kumar also provides a new price target of $140 per share, as compared to the previous $98. This represents roughly 48% upside from yesterday’s closing price. For comparison, the consensus price target for AMD stock is $143.12.
The Piper Sandler analyst had the following to say about AMD in a research note obtained by CBNC.
“From our perspective, the company’s core businesses are running really well and continue to benefit from secular trends. Within PCs, we see continued share gains in the broader PC market, along with very strong traction in the commercial market.”
It’s also worth mentioning that there’s a potential catalyst on the horizon for AMD stock. The company is preparing to host its annual investor day event on June 1. That should be a benefit to the company’s shares.
AMD stock is up 7.4% as of Tuesday afternoon but is still down 32.7% since the start of the year.
Investors on the lookout for the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock news traders need to know about for Tuesday! Among that is what has shares of Nano Dimension (NASDAQ:NNDM) stock, Disney (NYSE:DIS) stock, and Tesla (NASDAQ:TSLA) stock on the move today. You can read all about these matters at the links below!
More Tuesday Stock Market News
- Nano Dimension (NNDM) Stock Gains 10% on Share Buyback News
- Billionaire Dan Loeb Sold Off Disney (DIS) Stock. Here’s Why.
- Why Is Tesla (TSLA) Stock Up 4% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.