Advanced Micro Devices (AMD) stock is on the rise this week following price forecast revisions from several banking institutions. Investment analysts at Bank of America have raised their prediction for AMD shares, suggesting a price climb is incoming. On June 13, BofA declared AMD as the “next-best AI vendor” after its latest AI event in San Jose, CA. The bank maintains a “Buy” rating and a $130 price target on AMD stock, prompting bullish investor sentiment.

Advanced Micro Devices (AMD) is in a great position following its presentation at Bank of America’s recent Global Technology Conference. The company’s CFO, Jean Hu, and Head of Investor Relations, Matt Ramsay, highlighted AMD’s strategic advancements in high-performance computing and AI. Additionally, they noted a development that is quickly becoming a high-revenue generator for AMD, which could bring in up to $5 billion.

Now, BofA analyst Vivek Arya notes how AMD provided an update to its end-to-end infrastructure platform at the conference, stating that investors’ expectations might “have been high,” but the company continues to execute in its AI roadmap, customer, and ecosystem proliferation.

“We attended AMD’s Advancing AI Event in San Jose, where AMD provided an update to its end-to-end AI infrastructure platform,” the Bank of America analyst says. “Similar to last AI event in Oct-2024, investor expectations might have been high, but we highlight its continued execution in AI roadmap, customer/ecosystem proliferation, and software maturity.”

Also Read: Amazon (AMZN) Boosts Position in AMD: What it Means for Both Stocks

AMD’s stock has struggled over the past year, falling roughly 24% in the past 12 months. It’s rival, Nvidia’s stock, rose more than 19% in the same period. Year to date, AMD is off 0.2%, while NVDA is up 7%. Both stocks suffered back in April amid Trump Tariff concerns. However, with those now beginning to dwindle, AMD and NVDA could see rebounds over the coming months, especially with AI remaining crucial to top tech companies. Bank of America sees this and is favoring AMD over the next few trading periods.

At press time, AMD stock is trading at $127. It is trading in the middle of its 52-week range but above its 200-day simple moving average. CNN analysts are now bullish on the stock following the BofA conference, rating AMD an 8/10 stock. None of their 55 analysts suggest selling AMD stock, projecting a median price of $130 and a high of $200 over the next 12 months.