AMD Surges to $519 as Citi Lifts Target to $575 on Meta GPU Deal

AMD shares extended gains through June 12-13, climbing more than 4% to around $510 and intraday highs of $518.82 after Citigroup upgraded the stock to Buy from Neutral and raised its price target to $575 from $460. The broker highlighted AMD’s expanding role as a second-source GPU supplier, citing a potential multi-year Meta partnership for up to six gigawatts of Instinct GPUs and sharply higher AI revenue forecasts of $33 billion in 2027 and $50.8 billion in 2028. The move followed Bank of America’s June 11 upgrade that lifted AMD’s target to $560 and boosted its long-term server CPU outlook, driving an 8% rally and leaving the stock up 128% year to date ahead of Aug. 4 earnings.