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Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are trading higher Monday following positive analyst coverage from Raymond James.
Raymond James analyst Chris Caso upgraded the stock from Outperform to Strong Buy and announced a $160 price target.
Chris Caso noted 'we favor those semi companies with strong secular drivers, more muted cyclical exposure and attractive valuations, for which AMD appears well positioned.'
'We have strong confidence regarding AMD’s position and share gains in the datacenter market. We think the technology gap between AMD and INTC widens when Genoa comes out in 4Q22,' Caso also noted.
Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.
AMD 52-Week Range: $72.50 - $164.46
According to data from Benzinga Pro, the stock was up 3.10% at $90.85 at time of publication.
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