AMD Stock Extends Gains On Barclays Upgrade, Price Target Boost

Advanced Micro Devices $Advanced Micro Devices(AMD.US)$ - Get Free Report shares jumped higher Monday following an upgrade from Barclays that looks to extend last week's chip sector rally.

Barclays analyst Blayne Curtis lifted his rating AMD to 'overweight', with a $15 improvement to his price target, now pegged at $85, citing the chipmaker's lead over rival Intel $Intel(INTC.US)$ - Get Free Report in the server market following the launch of its new data center product Genoa late last year. CEO Lisa Su said Genoa will translate into "lower capex, lower opex and lower total cost of ownership" for enterprises and for cloud data centers.

"Intel won't have an answer until Granite Rapids/Sierra Forest, which is slated for 2024 but more likely arrives in 2025," Curtis wrote, referring to that chipmaker's 6th generation Xeon platform and its new, parallel -developed Xeon CPU.

Curtis also said AMD could see the potential for it to build gains from Meta Platforms when it accelerates spending later this year.