Advanced Micro Devices NASDAQ:AMD shares moved higher on Monday after Goldman Sachs raised its price target on the chipmaker.
Advanced Micro Devices climbed more than 9% in afternoon trade as investors reacted to the updated view from Goldman Sachs. The brokerage lifted its price target on AMD to $640 from an earlier level of $450 while maintaining a positive stance on the stock.
AMD had come under pressure late last week after retreating from recent highs. The latest target revision suggests Goldman sees room for further upside despite recent volatility in semiconductor stocks.
AMD has remained a key participant in the artificial intelligence market as demand for high-performance computing chips continues to rise. Investors have also focused on the company's earnings outlook and broader AI-related growth opportunities.
Financial metrics surrounding AMD have drawn attention as well. While the company trades at elevated earnings multiples, some market participants continue to weigh projected earnings expansion and cash generation trends when assessing valuation levels.