Stock Market Today, Nov. 12: AMD Jumps 5.9% on Bank of America Price Target Hike to $700
Advanced Micro Devices (NASDAQ:AMD), a CPU, GPU, and AI accelerator designer, closed at $585.30, up 5.86%. Shares rose as investors rotated into semiconductor peers after Nvidia leadership turmoil and on analyst upgrades. Investors are watching AI-chip share gains and next week's
Advanced Micro Devices (AMD) experienced a significant boost in its stock price today, Nov. 12, as Bank of America raised its price target to $700 per share, up from $650. This decision was made in light of rising chip demand and AMD's performance in the data center segment, which saw a remarkable 97% growth in revenue for the third quarter of 2026.
The positive outlook on AMD's data center business has also been influenced by Nvidia's recent turmoil, with analysts viewing it as an opportunity for AMD to gain market share. Trading volume for AMD's stock reached 54.9 million shares, more than double its three-month average of 24.1 million shares. The broader market saw the S&P 500 fall by 0.36% and the Nasdaq Composite decline by 0.39%.
Intel and Nvidia also saw their stocks dip, with Intel closing at $61.20 down 2.08% and Nvidia finishing at $166.19 down 4.34%. While analysts acknowledge that AMD's stock may not be a buying opportunity due to its high P/E ratio of 127 and forward earnings multiple of 72, the news suggests a more likely upward movement in AMD's stock price in the near term.
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