After breaking above double top, AMD could be headed to $100 a share, we noted just days ago. At the moment, the stock is up to $97.28 and could run even higher in the New Year.
Not only is the company still chipping away at competitor market share, its CEO remains bullish. In fact, CEO Lisa Su said she expects to see more growth in the PC market and a better than expected first quarter in 2021.
“I think we see 2021 as a growth year for PCs, which perhaps we haven’t heard in a while,” Su said, as quoted by MarketWatch. “And more importantly, I think the product portfolio that we have is sort of very focused on some of these higher and feature sets as well, that we think will play well for our long-term share gain prospects.”
Better, CEO Su said she expects for the traditionally slow first quarter to be “a little better than seasonal” for 2021.
Analysts are bullish, too with Wells Fargo increasing its price target to $100 from $83, “Citing the company’s potential in high-performance computing—referring to supercomputers designed to tackle the most complex computational questions, such as IBM’s chess-playing mainframe,” as noted by Barron’s.
Goldman Sachs also upgraded AMD to a buy rating, noting, “there was enough divergence from the company’s outlook and the stock, that it creates a buying opportunity.”