Advanced Micro Devices (NASDAQ:AMD) stock is climbing higher on Monday after getting upgrades from two analysts.
Starting us off is UBS analyst Timothy Arcuri with a new “buy” rating for shares. The analyst’s prior rating for AMD stock was “neutral.” Meanwhile, the consensus rating for AMD stock on MarketBeat is “buy,” based on one “strong buy” rating, 23 “buy” ratings and eight “hold” ratings
To go along with UBS’ new rating is a price target of $95 for AMD stock. That’s a $25 increase from the previous UBS price target, marking potential upside of around 30% from current prices. For the record, the consensus price target on MarketBeat sits at $100.19 per share.
Baird Also Upgraded AMD Stock
Baird analyst Tristan Gerra also upgraded shares of AMD stock to a “buy” rating. Gerra upped his price target from $65 per share to $100 per share as well.
These higher ratings for Advanced Micro Devices are due to a couple of factors, including increased chip shipments which suggests the company could outperform the slowing PC market. There has also been a strong reception to AMD’s Genoa offerings, per The Street.
AMD stock is up 1.8% as of Monday morning. However, the stock is still down 51% since the start of the year.
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InvestorPlace has all of the most recent stock market news traders need to know about on Monday! That includes the biggest pre-market stock movers, what’s going on with healthcare stocks and more. You can catch up on all of this news at the following links!
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On the date of publication, William White did not hold (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.