The tech industry is booming in 2023, a stark contrast to last year's economic-driven sell-off. Wall Street is increasingly bullish about high-growth markets like artificial intelligence (AI) and cloud computing, with some of the sectors' leaders enjoying monster rallies since Ja
Fintel reports that on July 20, 2023, Wolfe Research initiated coverage of Advanced Micro Devices (NASDAQ:AMD) with a Outperform recommendation. Analyst Price Forecast Suggests 20.64% Upside
What you need to know… The S&P 500 Index ($SPX ) (SPY ) Thursday closed down -0.68%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.47%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -2.28%. Stocks settled mostly lower Thursday, although the Dow Jones...
What happened
Shares of contract semiconductor manufacturing giant Taiwan Semiconductor Manufacturing Company (NYSE: TSM) stock slid 5.1% through 12:50 p.m. ET Thursday, while Advanced Micro Devices (NASDAQ: AMD) lost 3.8% of its market capitalization and Intel (NASDAQ: INTC) --
What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.45%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.54%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.45%. Stocks are mostly lower today, although the Dow Jones...
Independent chipmaker Taiwan Semiconductor Manufacturing (NYSE: TSM) is one of the largest companies in the world, measured by market value.With a market cap of $478 billion, it towers over sector peers and customers such as Intel (NASDAQ: INTC), Advanced Micro Devices (NASDAQ: A
Below is Validea's guru fundamental report for ADVANCED MICRO DEVICES, INC. (AMD). Of the 22 guru strategies we follow, AMD rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundam
Shares of Advanced Micro Devices (
NASDAQ:AMD
) have risen significantly year-to-date (see the image below). However, analysts from Wolfe Research and Wells Fargo believe that the rally in AMD stock is not over yet, implying further upside in the stock.
It’s worth highlighting that AMD is among the top beneficiaries in the
semiconductor space, apart from Nvidia (
NASDAQ:NVDA
), to gain from the surge in demand for chips that drive
AI (Artificial Intelligence) applications. AMD stock recovered significantly thanks to solid demand and its recently launched MI300X GPU (Graphics Processing Unit) for AI.
AMD Stock Could Rise Further, According to Analysts
While AMD stock has appreciated quite a lot, Wolfe Research analyst Chris Caso initiated coverage on AMD with a Buy rating on July 19. Further, the analyst added AMD to its Alpha List. Caso assigned a price target of $150 on AMD stock, implying 28.83% upside potential from current levels.
Caso expects the normalization of inventory issues to support AMD’s growth in the second half of 2023. Further, the analyst expects AMD to continue to gain market share and benefit from the AI boom led by its MI300X GPU.
Earlier on July 18,
Wells Fargo analyst Aaron Rakers reiterated a Buy recommendation on AMD stock with a price target of $150. The analyst sees upside potential from the MI300X GPU ramp-up.
What is the Future of AMD Stock?
The top Wall Street analysts maintain a favorable outlook on AMD stock. Before we dig deeper, it’s important to mention that TipRanks identifies the
Top Wall Street analysts per sector, per timeframe, and against different benchmarks. The ranking shows an analyst’s ability to deliver higher returns through recommendations. Following the ratings, TipRanks’ algorithms calculate the statistical significance of each rating, the analysts’ overall success rate, and the average return.
Returning to AMD, the stock has 20 Buy and six hold recommendations from top analysts. Further, these analysts’ average price target of $137.19 implies 17.83% upside potential from current levels.
Investors should note that
Gus Richard of Northland Securities is the most accurate analyst for
AMD stock, according to TipRanks. Richard upgraded AMD stock to a Buy on July 5. Copying Richard’s trades on AMD stock and holding each position for one year could result in 91% of your transactions generating a profit, with an average return of 89.31% per trade.
Macroeconomic headwinds last year caused steep declines across the tech sector as reductions in consumer spending hampered quarterly results. However, tech stocks have returned to favor in 2023, alongside easing inflation. As a result, now is an excellent time to fill up on tech
Below is Validea's guru fundamental report for ADVANCED MICRO DEVICES, INC. (AMD). Of the 22 guru strategies we follow, AMD rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundam
For Immediate ReleaseChicago, IL – July 19, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the finan
Fintel reports that on July 18, 2023, B of A Securities maintained coverage of Advanced Micro Devices (NASDAQ:AMD) with a Neutral recommendation. Analyst Price Forecast Suggests 12.41% Upside
In the latest trading session, Advanced Micro Devices (AMD) closed at $117.93, marking a -0.33% move from the previous day. This change lagged the S&P 500's daily gain of 0.71%. Elsewhere, the Dow gained 1.06%, while the tech-
Below is Validea's guru fundamental report for ADVANCED MICRO DEVICES, INC. (AMD). Of the 22 guru strategies we follow, AMD rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundam
Tuesday, July 18, 2023The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features a real-time update on the Q2 earnings season and new research reports on 16 major stocks, includ
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