Advanced Micro Devices Could Test $100 Again Soon

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FILE PHOTO: A sign of AMD is seen at the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai

Advanced Micro Devices (AMD) is on the move.

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, it looks like we were spot on.

From that low of $57, the AMD stock is back to $75.88, and could see $100 this year, we believe.  Helping, Barclays analyst Blayne Curtis upgraded AMD to Overweight from Equal Weight with a price target of $85. Analysts at Susquehanna also argue that Intel continues to lose market share to AMD.  Analysts at Truist raised their price target to $79 from $70.

If AMD can break above resistance around $80, it could potentially test $100 again.