Advanced Micro Devices shares rose 12.6% to $505.65 by about 2:23 p.m. Eastern on Monday, up $56.61 from Friday’s close of $449.04. These figures reflect trading in progress.
Oppenheimer analyst Rick Schafer upgraded the stock to outperform from perform and set a $600 price target, which CNBC said implied 34% upside from Friday’s close. In a note dated Sunday, Schafer said he sees AMD “emerging as a durable supplier of AI compute,” citing customer wins across multiple product generations and its Helios rack-scale systems.
The shares rose 11% on Friday and have traded as low as $468.21 on Monday.
The move came during a broad recovery in chip stocks after last week’s AI sell-off. Broadcom gained 8.4%, while Nvidia fell 5.6% after its board said it had opened an independent investigation following reports that its chief executive was the target of a foreign intelligence effort.
Investors will watch whether the gain holds through the close.
