Wall Street analysts continue to raise their price target for shares in
Advanced Micro Devices .
Earlier this week Cowen analyst Matthew Ramsay increased his price target and confirmed his Outperform rating for AMD shares, citing his optimism after meeting AMD's CEO Lisa Su.
Last week RBC Capital Markets analysts Mitch Steves also raised its price forecast for AMD and predicted big gains in the data center market.
On Tuesday, Wells Fargo analyst Aaron Rakers joined the crowd and increased his price target to $ 48 from $ 40, citing chipmaker profits in the server market. He confirmed his Outperform rating.
"We continue to see AMD's profits in [High Performance Computing] / supercomputers as increasing validation of the company's strong competitive positioning in data center CPUs and therefore remain supportive of our positive thesis," he wrote.
AMD creates processors that function as the most important computer brains for personal computers, servers and graphics cards. Its shares (ticker: AMD) rose 2.1% to $ 40.72 near midday Tuesday.
Earlier this month, AMD was the highest performing stock
according to FactSet. The share has risen by 121% so far until noon on Tuesday, compared with the S&P 500's 24% return.
Write to Tae Kim at [email protected]