Buy AMD shares as graphics chip sales boost earnings, says Citi

Advanced Micro Devices may be emerging as the second source for graphic processing units, GPUs, behind Nvidia , according to Citi. The bank upgraded the chipmaker to buy from neutral. It also raised its price target to $575, which represents a more than 17% gain from Thursday's close. Citi thinks AMD will likely surpass its goal of earnings greater than $20 per share by 2028. That's due to increasing demand for its GPUs, coming in particular from one key hyperscaler. …