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Lisa Su, CEO of AMD, in San Jose, California, in December.
Key takeaways
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Advanced Micro Devices will announce new products and advancements in its artificial intelligence technology at its “Advancing AI” event on Thursday.
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Analysts are bullish on AMD stock, issuing 13 “buy” ratings and three “hold” ratings on the stock, according to Visible Alpha.
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Analysts expect AMD to unveil several products during the event, in addition to potentially revealing some new partnerships.
Advanced microdevices (amd) will hold its “Advancing AI” event this week, and analysts expect new product announcements that could drive shares higher and increase sales.
AMD shares are more than 15% above where they started the year, although below record levels set in March. Thirteen analysts tracked by Visible Alpha have a “buy” or equivalent rating on AMD stock, while three have a “hold” rating.
AMD stock has an average price target of $190.56, meaning analysts generally expect AMD stock to rise 11% higher. AMD closed Monday at just under $171 after changing only slightly at the start of the week.
The company’s shares rose nearly 20% in the days following a similar event last December.
New AI Products Could Help Fight Nvidia
Analysts have said they expect AMD to announce new products at Thursday’s event, which could pave the way for it to gain market share in the artificial intelligence (AI) accelerator space as it takes on Nvidia (NVDA), the industry leader.
Analysts said the “AI ecosystem partners, customers and developers” AMD mentioned in the event announcement could include new customers, evidence of AMD’s growing market share.
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