After slipping from about $227 to a low of $141.16, Advanced Micro Devices (SYM: AMD) is starting to bounce back strong.
Last trading at $162.37, we’d like to see it initially retest $180 near term. Helping, analysts at Jefferies just initiated coverage of AMD with a buy rating, with a price target of $190 a share. AMD also replaced Nvidia on the Wolfe Research Alpha List.
“Our views on NVDA and AMD haven’t changed, but the relative move in stock prices YTD causes us to make a tactical shift in priority, moving AMD to the Wolfe Alpha List, replacing NVDA, which is up ~90% YTD and ~100% since it was added to the list in November 2023,” added Wolfe, as quoted by Investing.com.
