AMD stock gained 8%
Advanced Micro Devices (AMD) jumped around 7.86% on Thursday and closed at $31.82 after a Morgan Stanley analyst changed the firm’s bearish view and raised the rating on the stock. Currently, AMD stock is trading below its 52-week high of $34.14.
Advanced Micro Devices has risen 72.4% in the year-to-date period as of June 6. AMD’s rise was better than its semiconductor peers, including Qualcomm, NVIDIA, and Micron, which rose 21.2%, 7.9%, and 5.5%, respectively. AMD rival Intel, however, declined 2.7% in the same period.
Morgan Stanley upgrades AMD stock
Morgan Stanley hiked its rating on AMD stock from “underweight” to “equal weight” on Thursday, while it increased the price target from $17 to $28. According to Morgan Stanley analyst Joseph Moore, the chipmaker is likely to grow its market share in 2020 owing to its robust pipeline of products.
Earlier the Morgan Stanley analyst was bearish on AMD stock, as he assumed that the growth of AMD would slow next year, which looks unlikely now, given AMD’s robust product portfolio.
Out of the 35 analysts covering AMD, 16 analysts have given the stock a “buy” rating, while 17 have rated the stock a “hold.” Two of the analysts have given it a “sell.” Analysts have set a target price of $29.97 for the stock, which implies a discount of 5.8% based on its closing price of $31.82 on June 6.