AMD Downgraded at Daiwa Securities After Major Stock Rally, But Price Target Doubles

Daiwa Securities downgraded Advanced Micro Devices, Inc. (AMD) from 'Buy' to 'Outperform' on Wednesday. The firm cited a share price appreciation of nearly 150% over the past 60 days. Daiwa expects the stock's rise to moderate in the short term.

Analyst Louis Miscioscia raised the price target to $500 from $250. The firm anticipates growth in x86 servers. AMD is also ramping up MI355 and MI450 AI accelerators.

AMD shares rose 1.3% in premarket trading following the update.