AMD Stock Gains 2.6% Premarket As Citi Calls AMD a Buy After Earnings

Tiger Newspress2023-08-03

After AMD's better-than-expected Q2 on Tuesday, Citi upgraded the chipmaker to Buy from Neutral with a price target of $136.00 (from $120.00).

The analysts said that, while AMD did trim its guidance, "we thought AMD’s AI products (MI300) would be margin dilutive and investors would eventually care about the expensive valuation on AMD, and we were wrong on both counts."

Shares were up 2.61% to $112.20 in morning trading.

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