Advanced Micro Devices to Retest $180 Soon – 5/21

Company: Advanced Micro Devices (SYM: AMD)

“Oversold shares of Advanced Micro Devices (SYM: AMD) are starting to bounce back strong. All after analysts at Jefferies initiated coverage of AMD with a buy rating, with a price target of $190 a share,” we said on May 17.

At the time, the tech giant traded at around $163. 

Today, it’s up to $168 and could rally back to $180, near term. Helping, Microsoft plans to offer cloud computing customers a platform on AMD artificial intelligence chips as an alternative to systems running Nvidia chips, added Investor’s Business Daily.

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AMD even replaced Nvidia on Wolfe Research’s Wolfe Alpha List. Jefferies also has a buy rating on AMD with a price target of $190.

JPMorgan also recently said, “We believe that near-term the team is supply constrained, but given 2H supplier commitments and expanding supply, they are NOT capped at their $4B annual target,” Sur wrote in an investor note. “We believe the team can grow datacenter GPU revenue to $5B+ in CY24 and continue to take share from Intel in server and PC CPUs (we estimate 100 [basis points] of share gain in 1Q and 2Q server CPU share).”

The firm also raised its 2024 estimates on strong AI demand, with a $180 price target.

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