Keep an eye on Advanced Micro Devices (SYM: AMD).
After slipping from about $180 to $140, the tech stock just caught support dating back to early May. It’s also over-extended on RSI, MACD and Williams’ %R and could pivot higher shortly – especially with the artificial intelligence boom showing no signs of cooling.
Analysts at Roth MKM, Wells Fargo, TD Cowen and Citi have all raised their price targets on the AMD stock. Citi raised its price target to $210 from $176, with a buy rating. They expect for second quarter earnings season to be a strong catalyst for semiconductor stocks.
Even better, AMD’s deal to acquire Silo AI for $665 million should help strengthen its competitive position with Nvidia with regards to data centers and the PC markets.
As noted by Roth MKM, the deal should help close the gap with “leading” proprietary AI frameworks, as noted by Seeking Alpha.
