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Advanced Micro Devices, Inc. shares are advancing on Tuesday, bucking the broader market downturn catalyzed by the escalating tensions between Russia and Ukraine.
The strength seen in the shares came after an analyst at Bernstein took a bullish stance on the stock after 10 years.
The AMD Analyst
Bernstein analyst Stacy Rasgon upgraded AMD shares from Market Perform to Outperform, with a price target of $150.
The AMD Thesis
This isn’t “AMD of a decade ago,” analyst Rasgon said in the note. Valuation of the stock is “downright attractive” due to a combination of “stellar execution, increasingly bankable earnings power and a recent sizeable pullback,” he added.
