AMD Primed To Steal AI Market From Intel But Lacks In Some Key Areas Say Analysts

wccftech.com:

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

Chip designer Advanced Micro Devices, Inc (AMD) held its highly anticipated and much needed conference for the budding artificial intelligence industry yesterday. At the event, AMD upgraded its addressable market estimates for the data center AI acceleration market and introduced a new accelerator product for AI applications. Now, Wall Street analysts are sharing their opinion on the announcements made amidst a flurry of price target upgrades that primarily reflect a growth in the demand for artificial intelligence products.

After yesterday's event, more than ten financial analysts upgraded AMD's share price target. These include big ticket firms, including Wells Fargo, Deutsche Bank, Stifel, and Jefferies. However, in this collection of analysts, the highest price target is from Baird, which increased its AMD share price target by a whopping 70% from an earlier $100 to a current $170.

Other notable upgrades include one from Craig-Hallum, which upgraded the target to $158 from $100 and from BMO Capital, whose new estimate is $150. The lowest price target out of this mix is from Deutsche Bank, whose latest price target sits at $110 from an earlier $80.

Along with these upgrades, the financial firms have also shared their opinions in the accompanying analyst notes. Starting from Jefferies, the firm's latest price target for AMD sits at $145, marking a 45% upgrade from an earlier $100 and a roughly $18 upside over the current market price of $127. Jefferies has a Buy rating for AMD's shares, and it believes that the firm can steal market share from Intel's data center and artificial