Advanced Micro Devices (NASDAQ: AMD) stock saw a modest rise on Thursday following a bullish price forecast from Mizuho.
Mizuho, a prominent financial institution, has reaffirmed its bullish stance on Advanced Micro Devices (AMD), signaling a positive shift in the stock’s trajectory. Mizuho has raised the price target for AMD shares to $235, up from the previous $200, while maintaining its Buy rating on the semiconductor company.
This adjustment in target price signifies Mizuho’s growing confidence in AMD’s position in the competitive landscape of artificial intelligence (AI) graphics processing unit (GPU) market. The firm expects AMD, trailing behind NVIDIA (NVDA) as the second largest player, to surpass current AI revenue estimates, reaching $4-5 billion in 2024.
Mizuho’s analysis paints a promising picture for AMD’s AI business, with revenue estimates indicating a potential surge to around $18 billion by 2027. The optimistic forecast underscores the expected expansion of the AI GPU market and the significant contribution of AMD.
AMD Launches Spartan UltraScale+ FPGA Family
Meanwhile, AMD has launched its latest Spartan UltraScale+ FPGA family, broadening its portfolio of cost-optimized FPGAs and adaptive SoCs. These new devices are tailored for a range of I/O-intensive applications at the edge, showcasing superior I/O to logic cell ratio compared to FPGAs made with 28nm and finer process technologies.
The latest additions to the AMD family offer up to 30% lower power consumption and the most extensive security features in AMD’s Cost-Optimized Portfolio.
Advanced Micro Devices (NASDAQ: AMD) Stock Reaction
AMD stock gained 0.36% to close at $211.38 on Thursday. The traders had exchanged hands with 63,398,524 (63.39 million) shares compared to the average daily trading volume of 76.63 million.
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