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Shares of Advanced Micro Devices (AMD) rose on Friday after positive analyst commentary.
D.A. Davidson analyst Gil Luria upgraded AMD’s stock to buy from neutral and raised his price forecast to $375 per share.
Luria cited Intel’s blowout earnings report released after the market close on Thursday as a key reason for his outlook on AMD. He pointed to Intel’s strong sales of data center chips as evidence of growing demand for high-speed central processing units (CPUs) used to power AI agents.
“We view Intel's results as a precursor for a huge step-up for AMD's CPU franchise and believe the structural shift toward agentic AI workloads is creating unprecedented demand for server CPUs,” Luria said.
Luria also argued that if demand continues to outpace supply, AMD may be able to raise prices for its high-performance CPUs. He said that could support higher margins and strengthen the company’s earnings power.
Additional details are expected soon. Investors will look to AMD’s first-quarter financial report on May 5, along with a conference call scheduled for 5:00 p.m. ET. Management is expected to discuss AMD’s AI-driven sales and growth prospects.
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