AMD stock has been one of the hottest tech stocks this year and perhaps the most surprising when it comes to gains. Advanced Micro Devices shares have skyrocketed by more than 250% year to date and show little sign of slowing down. Historically, analysts have had problems with the chip maker’s weak execution, but it seems that more of them are beginning to accept that things are changing as AMD stock has seen a growing pile of analyst upgrades.
Never recommend AMD stock?
Bank of America Merrill Lynch analysts bumped up their rating for AMD stock by two notches from Underperform to Buy in a research note last week, and this time, it’s BMO Capital Markets’ turn to hand out an upgrade. In a research note dated Dec. 11, BMO analyst Ambrish Srivastava upgraded AMD stock from Market Perform to Outperform, saying that he used to think that he would never recommend it because the chip maker had disappointed for years and made many missteps. Along with the upgrade, the analyst more than doubled his price target for AMD stock, raising it from $6 to $15 per share.