AMD price target raised to $175 from $130 at BofA

BofA analyst Vivek Arya raised the firm’s price target on AMD to $175 from $130 and keeps a Buy rating on the shares. The Department of Commerce allowing Nvidia (NVDA) and (AMD) AMD to resume artificial intelligence chip sales to China is an incremental positive for both companies, the analyst tells investors in a research note. The firm says the move expands the AI addressable opportunity for U.S. chipmakers by up to 10% and improves the U.S.’s ability to dominate the global tech stack. BofA upped its price target for both stocks.