Analysts Just Turned Bullish on this Tech Heavyweight – 5/17

Company: Advanced Micro Devices (SYM: AMD)

Oversold shares of Advanced Micro Devices (SYM: AMD) are starting to bounce back strong. 

All after analysts at Jefferies initiated coverage of AMD with a buy rating, with a price target of $190 a share. AMD just replaced Nvidia on the Wolfe Research Alpha List.

“Our views on NVDA and AMD haven’t changed, but the relative move in stock prices YTD causes us to make a tactical shift in priority, moving AMD to the Wolfe Alpha List, replacing NVDA, which is up ~90% YTD and ~100% since it was added to the list in November 2023,” added Wolfe, as quoted by

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JPMorgan recently said, “We believe that near-term the team is supply constrained, but given 2H supplier commitments and expanding supply, they are NOT capped at their $4B annual target,” Sur wrote in an investor note. “We believe the team can grow datacenter GPU revenue to $5B+ in CY24 and continue to take share from Intel in server and PC CPUs (we estimate 100 [basis points] of share gain in 1Q and 2Q server CPU share).”

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The firm also raised its 2024 estimates on strong AI demand, with a $180 price target.

And while KeyBanc may have lowered its price target to $230 from $270. However, it did maintain an overweight rating, and sees AMD on track to capitalize on the growing demand for graphics processing units (GPUs) with the AI boom.

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