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More good news for the Advanced Micro Devices (AMD) bulls—BNP Paribas analyst Karl Ackerman just boosted the firm's price target by 60% to $960. According to Ackerman, the reason for the increase is the growing demand for CPUs as AI workloads continue to grow.
What is worth mentioning here is that, despite the price target increase, Ackerman kept his “Neutral” rating. Given that AMD moves away from being a pure chip designer, the introduction of the Helios AI platform, the ROCm software ecosystem improvement, and the expansion of the list of key AI customers become crucial things for the company. However, given that the stock price is already close to its 52-week high amidst its impressive rally, the questions that arise for investors are the sustainability of future growth in the context of such valuation.
