Keep an eye on Advanced Micro Devices (SYM: AMD).
After a slight pullback to its 200-day moving average, the tech stock is just starting to pivot higher again. In fact, from its last traded price of $162.85, we’d like to see it refill its bearish gap at around $180 a share initially.
Helping, analysts at Bank of America just reiterated a buy rating on the AMD stock ahead of its “Advancing AI” event scheduled for October 10.
Better, as noted by Investing.com, “Analysts highlighted that AMD’s previous AI event on December 6 was followed by significant stock gains of 19% and 80% over the subsequent one and three months, outperforming the Philadelphia Semiconductor Index index’s 10% and 37% increases. The upcoming event, where AMD is expected to unveil roadmap updates in AI and server CPU alongside supporting cloud customer comments, “could reinvigorate AMD stock.”
Wells Fargo also reiterated an overweight rating on the AMD stock with a $205 price target. All after AMD announced that Oracle Cloud Infrastructure would deploy the MI300X GPUs to power its Compute Supercluster.
