Advanced Micro Devices (AMD) could test $200 a share shortly.

After rallying from about $60 since late 2022, the tech giant is still rallying on heavy chip demand, and the artificial intelligence boom. Helping, Barclays just raised their AMD price target to $200 from $120, noting AMD could see $4 billion in AI chip sales this year. The firm also cited strong demand for AMD”s MI300 chip for servers.

TD Cowen analyst Matthew Ramsay also increased his price target on AMD to $185 from $130, with an outperform rating. “While Nvidia remains the AI leader, we believe sizable upside opportunities remain for AMD as well,” he said, as quoted by Barron’s, “The potential of MI300 within the AI TAM [total addressable market] is still ahead for AMD with potentially large upside over the next couple years as an increasingly capable GenAI alternative.”

Even better, competitor Taiwan Semiconductor Manufacturing (TSMC) just said it expects revenue growth to be more than double the rate of the broader chip market this year.