AMD slips even as Northland upgrades on AI boost
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AMD (NASDAQ:AMD) shares fell more than 1% on Wednesday even as they received an endorsement from investment firm Northland, which upgraded the chip giant due to artificial intelligence-linked gains. 
Analyst Gus Richard raised his rating on AMD (AMD) shares to outperform from market perform and put a per-share price target of $150 on the stock, noting that the firm has been "wrong" about AMD shares and it is looking to change that, with the belief the stock will get an "AI multiple."
Richard added that AMD (AMD) has historically been in second place to Nvidia (NVDA) in the GPU space for decades and while that is not likely to change with the continued AI push, the Dr. Lisa Su-led is likely to see a boost in GPU revenue from the MI 300 and El Capitan supercomputer in the second-half of the year.
Richard also pointed out that AMD's (AMD) open-source software approach is likely to cut into Nvidia's (NVDA) software moat, which many customers cite as one of the company's benefits.
Analysts are largely bullish on AMD (AMD). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates AMD a HOLD.
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