Truist’s William Stein Upgrades AMD to Buy, Raises Price Target to $213 on IBM Partnership and AI Demand

Truist Securities upgraded Advanced Micro Devices Inc. (AMD) to a Buy rating from Hold, raising the price target to $213 from $173. Analyst William Stein highlighted a constructive shift in the market, noting that hyperscale customers deploying artificial intelligence are increasingly partnering with AMD for AI chip deployments, moving beyond using AMD technology merely as a price comparison against Nvidia Corp. This upgrade follows AMD's new quantum-centric supercomputing partnership with IBM, which is seen as a catalyst for further growth. Truist expects AMD's stock to rise approximately 30% as its chips gain traction with hyperscale customers. The upgrade reflects growing confidence in AMD's position in the AI chip market amid expanding demand from large-scale AI deployments.