Shares of Advanced Micro Devices Inc. AMD, +2.59% are up 1.6% in premarket trading Tuesday after Mizuho analyst Vijay Rakesh raised his price target to $36 from $20 overnight. He is increasingly upbeat about the stock following meetings with original equipment manufacturers and distributors in the PC supply chain. He thinks it’s possible the company will endure “some near-term bumps” but is optimistic about the company’s Epyc server ramp and its ability to capitalize on the fact that Intel Corp. INTC, +0.56% is still in flux without a chief executive. Rakesh also raised his price target on Nvidia Corp.’s NVDA, +1.26% stock to $295 from $280 after his supply-chain meetings. Nvidia’s stock is up 0.5% in premarket trading. AMD shares have gained 148% over the past 12 months, while the S&P 500 SPX, +0.32% has risen 15%.
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