Will the Radeon RX 9060 XT Be a Positive Catalyst for AMD Stock?

Advanced Micro Devices (AMD) has released the Radeon RX 9060 XT and reviews have begun to pour in. It looks like the new graphics processing unit (GPU) is a win for Team Red, as reviewers praise it for strong performance at a good price.
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The Radeon RX 9060 XT comes in two variants: an 8GB model priced at $300 and a 16GB model for $350. The card also offers comparable performance to Nvidia's (NVDA) RTX 5060 Ti GPU, which is priced at $379 for the 8GB model and $429 for the 16GB model.
The AMD Radeon RX 9060 XT offers gamers a budget option for 1080p and 1440p gaming, and it does so for significantly less cash than what's required for Nvidia's comparable GPU. AMD also has a track record of keeping its graphics cards in stock, whereas Nvidia has had trouble doing so due to demand for its AI GPUs pulling resources away from its gaming division.
Analysts have remained bullish on AMD stock lately, with two updates earlier this week.
Five-star Bank of America Securities analyst Vivek Arya reiterated a Buy rating and $130 price target, implying a 9.36% upside.
TD Cowen analyst Joshua Buchalter maintained a Buy rating and $115 price target, suggesting a 3.26% downside.
AMD stock was up 0.16% as of Thursday morning but is still down 1.66% year-to-date. The company's shares have also fallen 28.9% over the past 12 months. This likely isn't the performance investors hoped for today, but positive reviews of the Radeon RX 9060 XT could be a catalyst for AMD if they translate to sales.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for AMD is Moderate Buy, based on 22 Buy and 10 Hold ratings over the past three months. With that comes an average AMD stock price target of $126.55, representing a potential 6.61% upside for the shares.

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