Just a few days ago, we again highlighted the opportunity in Advanced Micro Devices (AMD). In fact, we noted, “Advanced Micro Devices (AMD) is on the move, as hoped. The last time we mentioned the stock, it traded at $66.67. We also mentioned, AMD could potentially test $75 a share, near-term. Today, the stock is up to $88.06, and could run back to $100, if it can break above double top resistance around $88.80.”
The stock now sits at $97.84 – and could soon hit our $100 target.
AMD jumped as investors turned their attention back to tech stocks. All on hopes the Federal Reserve would slow or stop interest rate hikes. And two, Susquehanna analyst Christopher Rolland said he believes the consumer electronics sector has already bottomed out. “We believe the acute portion of the semiconductor downcycle for the handset, PC, and consumer end markets has passed,” Rolland said.
Again, we have a $100 target on AMD, which we’ve been hoping to see for quite some time.
Sincerely,
Ian Cooper
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