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Why Nvidia rival AMD may see a 40% rip in its stock
A screaming buying opportunity may exist in AMD (AMD) after a post-earnings sell-off earlier this month.
Raymond James analyst Simon Leopold upgraded his rating on AMD to Strong Buy from Outperform in a new note on Tuesday. He lifted his price target to $641 from $565, which assumes neatly 40% upside from current price levels.
The new price target puts Leopold above the average price target of his peers at $613, per Yahoo Finance AlphaSpace data. About 72% of Wall Street analysts who cover AMD rate the stock a Strong Buy or Buy.
Leopold thinks AMD, with its powerful AI chips, will be a key player in the agent-driven workforce. Moreover, he sees the server central processing unit (CPU) market increasing at a 44% five-year compound annual growth rate to about $201 billion by 2030.
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