Advanced Micro Devices and Nvidia were among semiconductor stocks moving higher on positive analyst reports on Tuesday. AMD stock and Nvidia stock notched fresh highs on the news.
AMD stock received price-target increases from Barclays, KeyBanc Capital Markets and Susquehanna Financial Group.
Nvidia stock scored a price-target hike from KeyBanc.
KeyBanc analyst John Vinh cited strong demand for AI chips by data centers for his price hikes to AMD and Nvidia.
Vinh upped his price target on AMD stock to 195 from 170 and on Nvidia stock to 740 from 650. He rates both as overweight, or buy.
AMD Stock Hits 52-Week High
On the stock market today, AMD stock jumped 8.3% to close at 158.74. Earlier in the session, AMD stock hit a 52-week high of 159.71. The chipmaker recorded its all-time high of 164.46 back in November 2021.
Nvidia stock surged 3.1% to 563.82. In intraday trading, Nvidia claimed a record high of 568.35.
Outside of AI stocks, the semiconductor market doesn't look so hot right now, Vinh said. Automotive and industrial chip markets remain weak and are undergoing inventory destocking, he said. Server, PC and smartphone markets are weak or lackluster, he said.
However, Vinh also raised his price targets on buy-rated shares of Arm, Micron Technology and Qualcomm.
On Tuesday, Arm stock slid 2.2% to 68.48. Micron popped 2.7% higher to 84.61. Qualcomm stock rose 0.7% to 141.12.
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