AMD Shares Surge Premarket, Setting Sights On All-Time Highs: What's Powering Rally?
Portfolio Pulse from Shanthi Rexaline
Shares of Advanced Micro Devices, Inc. (AMD) experienced a strong premarket rally on Wednesday, approaching the all-time high set on the previous Friday. The surge is attributed to a positive analyst action by New Street Research analyst Pierre Ferragu, who upgraded AMD from Neutral to Buy with a $215 price target. Ferragu also commented on the potential growth in AI chip spending, which could benefit Nvidia, Inc. (NVDA) and other silicon suppliers. AMD is expected to report Q4 results soon, with analysts predicting non-GAAP EPS of 77 cents and revenue of $6.12 billion. AMD's stock rose 2.11% to $171.98 in premarket trading.
January 24, 2024 | 10:54 am
News sentiment analysis
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POSITIVE IMPACT
AMD's stock is rallying in premarket trading following an analyst upgrade from Neutral to Buy with a $215 price target, indicating a potential 28% upside.
The upgrade by New Street Research analyst Pierre Ferragu is a strong positive signal for investors, suggesting confidence in AMD's future performance. The specific mention of a 28% upside potential is likely to influence investor sentiment positively in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Nvidia is also mentioned positively by the analyst, with a Buy rating and a $700 price target, indicating a 17% upside from current levels.
While the focus of the article is on AMD, Nvidia is also positively highlighted by the same analyst, which could lead to increased investor interest and a potential short-term price increase for NVDA shares.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80