Truist Upgrade and IBM Deal Lift AMD; Okta Wins Dual Upgrades

Advanced Micro Devices climbed in Tuesday trading after Truist Securities upgraded the stock to Buy from Hold and lifted its price target to $213 from $173, implying about 30% upside. The brokerage said demand from hyperscale customers should accelerate the adoption of AMD processors. The bullish call followed AMD’s announcement of a quantum-centric supercomputing partnership with IBM, a move that investor reports said was also buoying sentiment toward the chipmaker. Truist also raised its view on identity-management provider Okta to Buy from Hold ahead of the company’s fiscal second-quarter results, due after the close on Aug. 26, increasing its price target to $125 from $100. Canaccord Genuity issued a separate upgrade on Okta to Buy and nudged its target to $120 from $115, citing progress in sales-force specialization and guidance discipline.