Earlier this month, we noted, “Keep an eye on Advanced Micro Devices (AMD). After slipping to $140, it’s now up to $150.60. From here, we’d like to see it initially refill its bearish gap at around $160.”
AMD is now up to $166.87 and rocketing higher in pre-market today.
Helping, analysts at Jefferies initiated coverage of AMD with a buy rating, with a price target of $190 a share. AMD even just replaced Nvidia on the Wolfe Research Alpha List.
“Our views on NVDA and AMD haven’t changed, but the relative move in stock prices YTD causes us to make a tactical shift in priority, moving AMD to the Wolfe Alpha List, replacing NVDA, which is up ~90% YTD and ~100% since it was added to the list in November 2023,” added Wolfe, as quoted by Investing.com.