AMD Stock Rises as Oppenheimer Upgrades Shares, Forecasts 135% Data Center Revenue Growth

Advanced Micro Devices (NASDAQ: AMD) shares climbed more than 4% to around $470 in Monday’s premarket trading after Oppenheimer upgraded the chipmaker from Perform to Outperform and set a $600 price target, citing expectations for accelerating artificial intelligence chip sales. The target is approximately 28% above AMD’s indicated premarket share price. Analyst Rick Schafer raised his estimates following the company’s third-quarter earnings and discussions with Chief Financial Officer Jean Hu and Vice President of Investor Relations Matt Ramsay. AMD shares fell 17.26% on Thursday before rebounding 11.04% on Friday to close at $449.04. The latest premarket gain extended that recovery, although the stock remained about 4% below its pre-selloff November 4 closing price of $488.78.

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