Oversold shares of Advanced Micro Devices (AMD) are on the run.
From a current price of $74.74, we’d like to see the tech stock refill its bearish gap around $85 near-term. Then, by the first quarter of 2023, we’d like to see AMD at $110.
Other analysts are just as bullish. UBS upgraded AMD to a buy rating, with a price target of $95 a share. Baird analyst Tristan Gerra upgraded AMD to outperform with a price target of $100. He believes the company’s newest Genoa chips could widen AMD’s competitive moat.
“Supply chain checks highlight strong reception of Genoa (5nm Zen 4) at data center OEMs, which are shifting significant resources in support of AMD,” Gerra wrote, as quoted by Yahoo Finance. “Genoa’s very significant performance step up should translate into an acceleration in market share gains for AMD in 2023, along with significantly higher pricing and a higher gross margin profile, reinforcing AMD’s EPYC performance leadership for years to come.”
Shares of AMD last traded at $74.74 on a volume spike to 92 million shares, as compared to average daily volume of 82.6 million.