by Ian Cooper

On October 18, we featured three of the most oversold stocks to buy.

  • We mentioned Target (TGT), as it traded around $158. It’s now up to $163.58.
  • We mentioned Amazon (AMZN), as it traded around $116. It’s now up to $120.58.
  • We also mentioned Blink Charging (BLNK), as it traded at $15.08. While it has since pulled back to $14.43, it’s still a great, oversold opportunity.

This week, we wanted to talk about three more oversold opportunities turning around.

Advanced Micro Devices (AMD)

After plummeting from about $100 to $60, this beaten up tech stock is finally showing signs of life again. It’s also starting to rebound from oversold RSI, MACD, and Williams’ %R. From a current price of $60.64, our long-term target is $100 a share. The company also just announced it will unveil its next generation EPYC processors during its “together we advance data centers” event on November 10, 2022. 

Earlier this month, AMD announced preliminary results. Q3 revenue is expected to come in around $5.6 billion, up 29% year over year. “The PC market weakened significantly in the quarter,” said AMD Chair and CEO Dr. Lisa Su. “While our product portfolio remains very strong, macroeconomic conditions drove lower than expected PC demand and a significant inventory correction across the PC supply chain. As we navigate the current market conditions, we are pleased with the performance of our Data Center, Embedded, and Gaming segments and the strength of our diversified business model and balance sheet.”

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Barrick Gold (GOLD)

Barrick Gold has more than a dozen gold and copper mining operations, stretching from Nevada to Africa. It’s also the world’s second largest gold mining company that’s had to watch its stock sink as the price of gold plummeted. However, if the Fed cools off with interest rates, that could all change.

Helping, analysts over at Citi just said, “Gold stocks have been hit hard by the selloff, creating an opportunity for investors to accumulate, Hacking tells investors in a research note. The analyst says Citi is mid-term bullish on gold, seeing prices rebounding to $1,900 per ounce in the second half of 2023,” as quoted by TheFly.com.

Also, while we wait for GOLD to recover, we can collect a dividend yield of 5.48%.

“On the back of our strong operating performance, we are once again able to provide a leading dividend yield to our shareholders, whilst still maintaining a strong balance sheet,” says senior executive vice-president and chief financial officer Graham Shuttleworth. “We believe this continues to show the benefit of the dividend policy that we announced in February 2022, including the guidance it provides to our shareholders on future dividend streams.”

SunPower (SPWR)

After slipping from about $27.50 to $16, the solar stock just caught double bottom support. It’s also wildly oversold on RSI, MACD, and Williams’ %R. From a current price of $16.52, we’d like to see the stock again challenge $27.50, near-term.

Also, SPWR was just initiated with a positive rating at Susquehanna. As noted by TheFly.com: Susquehanna analyst Biju Perincheril initiated coverage of SunPower with a Positive rating and $25 price target. Despite “near-term frictions” from higher equipment and financing costs, supply chain constraints, and utility interconnection delays, residential solar demand “remains very strong.” The analyst thinks the risk/reward in residential solar installation names “looks attractive” with the recent weakness and Inflation Reduction Act “tailwinds for the sector.” He expects SunPower’s residential systems and component sales to grow at nearly two-times0 the market over the next three years.