TD Cowen's price target raise for AMD

What happened: On June 30, Wells Fargo analyst Aaron Rakers raised AMD's price target to $615, maintaining an "Overweight" rating, implying 14% upside. TD Cowen also lifted its target to $600 on June 1, following a meeting with management. AMD stock surged on Thursday, June 4, outperforming the broader tech sector.

Market impact: The price target increases reflect analyst confidence in AMD's growth prospects, driven by its strong position in data center and gaming markets. The stock's recent rally has pushed its market capitalization above Intel's, indicating a significant shift in investor sentiment towards AMD.

What to watch next: AMD's earnings report on July 27 will provide crucial updates on its data center and gaming business performance. Additionally, any further developments in the ongoing competition with Intel and Nvidia will shape AMD's narrative moving forward.