Advanced Micro Devices (AMD) is one of the top tech stocks to own immediately.
Not only is AMD chipping away at bigger competitors like Intel and NVIDIA, its next big catalyst is the release of new gaming consoles from Sony and Microsoft. Both companies are using AMD chips in the consoles that are likely to see big, big demand in December.
Goldman Sachs recently upgraded the stock from Neutral to a Buy. They also lifted their price target on AMD from $84 to $96. Analyst Toshiya Hari calls AMD, a “multi-year share gain and expansion story.”
Even Bank of America has said its third quarter strength sets the company up for blockbuster growth in a $50 billion processor market, notes Markets Insider. The firm also lifted its price target on AMD from $100 to $110.
In pre-market, AMD is up to $83.51. With plenty of momentum, we wouldn’t be shocked to see it closer to $100 by year end.
