Advanced Micro Devices (AMD) just blew past our target price of $100. Last trading at $102.05, we’d like to see it closer to $110. All it has to do now is break through resistance around $103.86, and it could potentially happen.
We have a good history with AMD. Over the last few weeks, we noted, “If AMD can break above $88.94 resistance, the stock could run back to $100 a share. Better, not only has growth been explosive, but the company continues to chip away at competitor market share, which should continue for some time.”
Better, Raymond James just raised its price target on AMD to $115 from $100.
AMD is moving as investors turned their attention back to tech stocks. All in hopes the Federal Reserve will stop with rate hikes for the immediate term. Also, Susquehanna analyst Christopher Rolland said he believes the consumer electronics sector has already bottomed out. “We believe the acute portion of the semiconductor downcycle for the handset, PC, and consumer end markets has passed,” Rolland said.