AMD EPYC Deal Offers ‘Leadership Performance' to Nokia
Advanced Micro Devices (AMD) stock jumped on Wednesday after the semiconductor company announced a deal with wireless provider Nokia (NOK). AMD has agreed to supply Nokia with 5th Gen AMD EPYC processors that will power the company's Nokia Cloud Platform.
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Nokia picked AMD as the heart of its Cloud Platform due to the strength and energy efficiency of EPYC processors. This allows it to offer robust support to customers of its 5G network while still meeting sustainability goals.
Dan McNamara, Senior Vice President and General Manager of AMD's Server business, said, 'Working together with Nokia, we're using the leadership performance and energy efficiency of the 5th Gen AMD EPYC processors to help our customers build and operate high-performance, and efficient networks.'
AMD Analyst Ratings And Stock Movement
In other news, several top analysts have recently weighed in on AMD stock as the company continues to play catch-up with Nvidia (NVDA).
Citi analyst Christopher Danely reiterated a Hold rating but increased his price target to $120 from $100, implying a 2.63% downside.
KeyBanc analyst John Vinh maintained a Hold rating without a price target for the shares.
Cantor Fitzgerald analyst C J Muse kept a Buy rating and raised his price target to $140 from $120, suggesting a 13.6% upside for AMD stock.
AMD stock was up 0.83% in pre-market trading today following a 1.24% rally yesterday. This has the stock up 2.03% year-to-date, but it remains down 23.09% over the past 12 months.
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 $127.93, representing a potential 3.81% upside for the shares.
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