Advanced Micro Devices (AMD) stock was up on Wednesday alongside positive coverage from a top Wall Street analyst. Five-star Daiwa analyst Louis Miscioscia reiterated a Buy rating and a $300 price target for AMD stock, suggesting a possible 43.42% upside for the semiconductor company’s shares.
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Miscioscia’s ongoing bullish coverage of AMD comes at a time when the company’s products are highly sought after. The ongoing artificial intelligence (AI) boom has increased the demand for data center components, such as AMD’s AI-focused CPUs and graphics cards. While AMD hasn’t reached the same heights of demand that GPU rival Nvidia (NVDA) has in this space, there’s still plenty of AI pie to share.
It’s not just Nvidia that AMD is competing with in the AI sector. The company also has to battle with Intel (INTC) in the CPU market. To help with these fights, AMD recently introduced its Helios server racks for data centers. These are powered by AMD CPUs and GPUs and come pre-formatted for server use, offering easy utilization for its customers.
AMD Stock Movement Today
AMD stock was up 0.3% in pre-market trading on Wednesday, following a 0.77% jump yesterday. The stock has rallied 73.17% year-to-date and 72.28% over the past 12 months.
AMD trading activity is muted today, as only about 503,000 shares changed hands this morning. For the record, the company’s three-month daily average trading volume is roughly 45 million units.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Strong Buy, based on 31 Buy and nine Hold ratings over the past three months. With that comes an average AMD stock price target of $281.97, representing a potential 34.8% upside for the shares.
