Latest News

AMD stock rises after BMO analyst turns bullish, boosts price target by 15%

0

Shares of Advanced Micro Devices Inc.
AMD,
+1.52%

hiked up 0.7% in premarket trading Thursday, to buck the selloffs in its semiconductor peers and the broader stock market, after BMO Capital analyst Ambrish Srivastava turned bullish on the chip maker. The stock’s gains come as the VanEck Semiconductor ETF
XMH,
-0.19%

slumped 0.6%, with 19 of 25 components losing ground, and as futures
ES00,
-1.46%

for the S&P 500
SPX,
-0.45%

slid 1.2%. Srivastava raised his rating on AMD to outperform from market perform, while raising his stock price target to $115 from $100. “We’re hearing of continued momentum from our work around the industry, and see AMD’s server share continuing to expand,” Srivastava wrote in a note to clients. “We see a sustainable compute franchise as a result of continued superior execution on all fronts under [Chief Executive] Dr. Su’s leadership,” Srivastava added. AMD’s stock has tumbled 46.1% year to date through Wednesday, while the semiconductor ETF has dropped 33.6% and the S&P 500 has lost 20.2%.

Outside the Box: The Supreme Court weakened the EPA’s power to fight climate change — but demand for clean energy is going strong

Previous article

Need to Know: Two pieces of good news for investors and three moves to make now in the wake of surging CPI, from UBS

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News