Advanced Micro Devices (AMD) is drawing attention after Loop Capital initiated coverage with a buy rating, highlighting the company's potential to capitalize on Intel's ongoing challenges. Analyst Gary Mobley set a price target of $175, suggesting a potential upside of nearly 50% from current levels. Mobley emphasized AMD's strategic position in the evolving landscape of general-purpose and accelerated computing, predicting that AMD will outperform market expectations and gain market share in the x86 CPU market, traditionally dominated by Intel. The analyst's optimism is bolstered by AMD's underperformance relative to the PHLX Semiconductor Sector index last year, which he views as an opportunity given the company's relatively low valuation.
Despite the positive outlook from Loop Capital, AMD's stock experienced a slight decline, closing at $116.09, down 1.05% from the previous day's close of $117.32. The stock saw a high of $118.66 and a low of $114.5 during the trading session.