As Advanced Micro Devices Inc. (NASDAQ: AMD) stock surged over 113% year-to-date (YTD), propelled by the Artificial Intelligence (AI) boom, Simon Leopold, a Wall Street analyst at Raymond James, expects this company’s stock price to reach a new all-time high (ATH) during the next 12 months.
On August 25, Leopold lifted the rating of Advanced Micro Devices stock to ‘Strong Buy’ from ‘Outperform’. He also raised his 12-month price target for AMD to $641 from $565, representing a 13.5% jump.
With AMD price trading at $470.72 during Tuesday’s pre-market session, this analyst’s target suggests a potential 36.18% uptick. As such, he implied that Advanced Micro Devices stock could rocket and surpass its recent ATH, at about $584.19, and reach a new ATH over the next 12 months.
Raymond James believes AMD offers the strongest combination of direct earnings leverage, given its positioning as a core AI stock. Additionally, this firm extended AMD’s AI factory framework to the server central processing unit market and forecasts revenue growing at 44% annually to $201 billion in 2030.
Advanced Micro Devices stock price prediction
Following Raymond James’ Strong Buy’ rating of Advanced Micro Devices stock, 34 Wall Street analysts surveyed by TipRanks have set an average 12-month price target at $647.19, signaling a possible 37.4% upside.
Worth noting that the highest AMD price forecast for the next 12 months was $1,250, which is 165.55% growth potential. On the other hand, the lowest Advanced Micro Devices stock price prediction for 12 months is $465, implying a 1.2% correction.
AMD price performance
After closing Monday trading at $465.75, AMD price is up over 113% YTD. Consequently, the company had a market capitalization of approximately $745.6 billion, at press time.
Amid this notable upsurge YTD, Wall Street analysts expect a renewed bull rally over the coming months.
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