Read What Makes Daiwa Bullish on AMD

A chip the size of a coin, used in central processing units and graphic processing units developed by the U.S.-headquartered Advanced Micro Devices (AMD) is displayed during a press conference held in Taipei, Taiwan, on May 24, 2011. Sam Yeh/AFP via Getty Images

Daiwa analyst Louis Miscioscia upgraded Advanced Micro Devices Inc to Buy from Outperform with a price target of $150, up from $140. The price target implies an upside of 14.7 percent.

The analyst cites the recent pullback in the shares for the upgrade.

In addition, AMD’s prospects are “looking good” for 2022 and 2023, Miscioscia tells investors in a research note.

The is seeing “firm orders and good visibility” in cloud demand for both internal applications and more instances, says the analyst.

By Anusuya Lahiri

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