Advanced Micro Devices Inc (NASDAQ: AMD) has more than doubled in the trailing 12 months but a Barclays analyst remains convinced it has more room to the upside.
AMD stock has upside to $200On Tuesday, Blayne Curtis reiterated his “buy” rating on the semiconductor behemoth and raised his price target to $200 that suggests a 37% upside on its previous close.
The analyst is super bullish on AMD stock primarily because he expects it to be a notable beneficiary of the upcoming second wave of artificial intelligence.
We see [roughly] $4.0 billion AI run-rate for Advanced Micro Devices exiting 2024 and introduce [greater than] $7.0 billion for 2025.
AMD is expected to earn 58 cents a share in its current financial quarter versus 54 cents per share a year ago.
AMD is second only to Nvidia CorpLast year, Advanced Micro Devices unveiled the MI300 – a new AI chip to compete with the likes of Nvidia H100 (read more).
Shipments of AMD’s $AMD Instinct MI300 chip are estimated to be 300,000 to 400,000 next year, compared to 1.5 million to 2.0 million for Nvidia’s $NVDA H100.
— Beth Kindig (@Beth_Kindig) December 12, 2023Blayne Curtis agreed in his research note today that Nvidia continues to lead the space but said “we are hearing strong feedback on MI300”. He’s confident that the “desire to have a second source” will be a meaningful benefit for the AMD stock in 2024.
Note that Susquehanna Financial bumped its price target on the Nasdaq-listed firm this morning as well to $170.
Speaking with CNBC at the World Economic Forum in Davos on Tuesday, Jim Breyer – the founder of Breyer Capital also said AMD should be a magnificent seven stock.
Watch here: https://www.youtube.com/embed/oiDq6SPJJYc?feature=oembedThe post Barclays lifts its price target on AMD stock by a whopping $80 appeared first on Invezz
