Advanced Micro Devices (AMD) is attempting to push higher again.
After finding support around $184.48, the tech stock jumped about $4 higher on Friday on a volume spike to 95.2 million shares, as compared to daily average volume of 75.6 million.
Helping, analysts at Melius Research raised their price target on AMD to $265, with a buy rating. As noted by Investing.com, “The analyst at Melius Research highlighted AMD’s potential in the burgeoning artificial intelligence sector, likening the company’s progress to that of Nvidia earlier boom. AMD’s development of chips optimized for AI inferencing is seen as a key driver as AI models increasingly move into production phases.”
Analysts at Mizuho also raised their price target on AMD to $235. The firm noted, “it could see 2024 AI revenue upside to ~$4-5billion (vs current estimates of $3.5 billion) but potentially ramping to ~$18 billion by 2027,” according to Business Insider.
From its last traded price of $191.06, we’d like to see AMD initially test $250 a share.