Advanced Micro Devices (AMD) is on the move.
Up about $3.40 at $139.48, the tech giant is getting set to showcase its automotive innovation at CES 2024 and expand its portfolio with the introduction of two new devices, the Versal AI Edge XA adaptive SoC and Ryzen Embedded V2000A Series processor, as noted by TheFly.com.
Analysts at Bernstein just raised their price target on AMD to $120 from $100, with a market perform rating. The analyst says 2024 will be “interesting” for the semiconductors and semicap equipment space. It seems likely to reflect a return to growth, with consensus estimates for most companies reflecting higher revenues, in some cases materially so.
KeyBanc analysts also raised their target on AMD to $170 from $140, with an overweight rating. Even Stifel analysts just raised their price target to $170, with a buy rating.
Technically, after slipping from $151 to about $134, AMD caught double bottom support, and is just starting to pivot higher. Initially, we’d like to see AMD retest its $151 high.
