As Advanced Micro Devices Inc. (NASDAQ: AMD) stock signals bullish sentiment, several Wall Street analysts have reiterated their Buy ratings and raised their 12-month price targets.
Vivek Arya, an analyst at Bank of America Corp. (NYSE: BAC), maintained a Buy rating for AMD stock, according to a note to clients on July 14. Additionally, Arya raised the firm’s 12-month price target for AMD shares to $620 from $550, thus signaling a 9.41% upside.
John Vinh, a Wall Street analyst at KeyBanc, reiterated a Buy rating for AMD stock. Vinh raised his 12-month price target for Advanced Micro Devices shares to $725 from $530.
As a core AI stock, AMD shares are well-positioned to attract investors seeking exposure to the ongoing AI boom. Furthermore, AMD is a top semiconductor stock with strong fundamentals.
AMD stock price forecast and performance
Following Tuesday’s bullish sentiment from two top analysts, the average AMD rating from 36 analysts was a ‘Strong Buy’ according to data from TipRanks. Among the surveyed Wall Street analysts, the highest 12-month prediction was $725 at the time of publication.
With the base and bearish expectations at $531.78 and $250, respectively, Wall Street analysts have set an average AMD price target of $531.78 for the next 12 months.
However, AMD shares traded at about $554.03 at the time of reporting, up 138.98% year-to-date (YTD). As such, more Wall Street analysts could increase their 12-month price target for AMD over the coming days to match the Strong Buy rating. Furthermore, their 12-month’s AMD price forecast signals a potential 4.03% decline.
As a core semiconductor stock, AMD’s 12-month price target could be achieved if the AI bubble does not burst, and vice versa.
