After briefly slipping from about $150 to $133.74, Advanced Micro Devices (AMD) has been coming back strong. Last trading at $138.58, we’d like to see it initially refill its bearish gap around $150 shortly. Helping, analysts at Truist just raised their price target on AMD to $154 from $98 a share, with a hold rating.
Analysts at Mizuho also raised their price target on AMD to $162 from $130, with a buy rating.
As noted by TheFly.com, “The firm gave its 2024 outlook across semis and automotive technologies, saying headwinds will persist with anemic global demand and a China/Europe slowdown, though inventories in PC, memory, and handset are normalizing. For 2024, the analyst sees memory and wafer fab equipment set up well as inventory and supply corrections are now mostly behind.”