Advanced Micro Devices Inc. (NASDAQ:AMD) stock rose more than 1% in Friday’s premarket session, extending gains after the stock surged 7.97% in the previous trading day. The move came even as broader market futures were mixed, with Nasdaq futures down 0.18% and S&P 500 futures up 0.19%.
Analyst Upgrades Fuel Bullish Sentiment
Recent analyst commentary has helped support AMD’s rally as investors grow more optimistic about the company’s AI opportunity.
Citi analyst Atif Malik upgraded AMD to Buy from Neutral and raised his price forecast to $575 from $460. Malik said the market has yet to fully recognize AMD as a “legit second source in the GPU market.”
Malik said AMD is “poised to win lion’s share” of GPU business at Meta Platforms Inc. (NASDAQ:META), citing the company’s custom MI450 chips, which Citi believes could provide Meta with a lower total cost of ownership than merchant GPU alternatives.
