In a note Monday, Wedbush raised its price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) to $145 from $95 per share, maintaining an Outperform rating on the stock.
The firm said that on Tuesday, June 13, AMD will host an event talking to forthcoming data center technologies, and they expect management will be upbeat regarding AMD's datacenter prospects.
This is driven by new compute and acceleration products, said Wedbush. However, they "would also be surprised if any of the information that is outlined is unexpected."
"We continue to believe AMD will take share in the datacenter CPU market," the firm wrote. "Moreover, it now appears more certain that AMD has established itself as the closest competitor to NVDA in the accelerator/AI hardware market with apparent traction now extending beyond supercomputing into hyperscale."
"These two factors keep us positive on AMD, and we, in turn, are raising our price target to $145 (from $95) to take into account the incremental opportunity AMD is seeing in the AI accelerator market," they added.