Advanced Micro Devices (AMD) is on the move again.
As we noted on December 30, “After starting the year around $151, it sank to a low of about $57. All thanks to broad market weakness, inflation, fears of recession, price target cuts, plunging PC demand, you name it. That’s the bad news. The good news is the future looks far brighter for AMD. For one, it appears the worst has been priced into the stock. And despite challenges, the company is still growing sales by double-digits.”
And, so far, so good…
This morning, shares of AMD are up to $77.70 in pre-market and could see $100 again soon, in our opinion. All after the company posted better-than-expected earnings. In its fourth quarter, the company posted adjusted EPS of 69 cents, which was above Street estimates for 67 cents. Sales were up to $5.6 billion, which was above estimates of $ 5.51 billion.
“Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and deliver long-term growth based on our differentiated product portfolio,” AMD Chair and CEO Lisa Su said.
