Advanced Micro Devices (AMD) Surges on Bank of America Upgrade

Advanced Micro Devices Inc (NASDAQ:AMD) soared yesterday, rising from Wednesday’s closing price of $9.56 to finish the regular trading session at $10.34 – an 8.16 percent jump. The semiconductor manufacturer’s stock is trading an additional 1.93 percent higher in this morning’s pre-market session. What sparked the sudden boost? Bank of America (NYSE:BAC) announced yesterday that it bumped its rating of Advanced Micro Devices from “Underperform” to “Buy.” The upgrade was two levels higher, as the firm skipped right past rating the company as “Sector Perform.” The firm also lifted its 12-month price target from $7.00 to $15.00. “We largely missed the surge in AMD stock this year as we were too concerned about its historically weak execution, high debt level, and competitive risks vs. giants [Intel (INTC)] and [Nvidia (NVDA)],”…


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