Advanced Micro Devices, Inc. AMD

$AMD ?UPGRADE

Piper Sandler names Advanced Micro Devices a top pick

Piper Sandler listed Advanced Micro Devices as a top pick in the large-cap stock space.

The financial institution reiterated its overweight rating and $175 price target for the semiconductor stock in a recent note. Analyst Harsh Kumar’s price forecast implies that shares of Advanced Micro Devices could rally 13% from here.

As one catalyst, Kumar listed the competitive positioning for the company’s MI Suite of products. MI300 is already performing very well and expected to ramp to greater than $4 billion this year, with MI325 and MI350 both due out in the near future. The analyst also sees tailwinds ahead for both the server and PC business.

“These tailwinds coupled with embedded hitting bottom in the June quarter; we view AMD as having bright prospects moving into the back half of the year,” he wrote. “As such, we are making AMD a top pick in the large cap space as the company currently has 100+ customers in the AI accelerator space, with most of them ramping in 2H.”

Harsh added that supply of graphics processing units is due to pick up to meet outsized demand going forward. Meanwhile, shares of Advanced Micro Devices look attractive at their current valuation, compared to the company’s peers.

This still needs a haircut

If you sell you lose your money

Green today plus $8

I told you we are going to see green plus $2 up

Cover or I make you cover you decide

Let’s go now

Green today I promise

Let it go up

Green Day I promise