“Keep an eye on oversold shares of Advanced Micro Devices (AMD),” we said on April 28.  

“After catching support around $77, the stock is now back to $96.64. From here, we’d like to see it retest $110 initially. Helping, analysts at Susquehanna are out with a new price target of $135 with a positive rating on the oversold stock. Plus, Cathie Wood’s Ark Invest just picked up 24,800 shares of AMD for just over $2.14 million.”

At the time, AMD traded at around $95. It’s now up to about $175 and could push even higher.

Helping, analysts at Bank of America just raised their price target on AMD to $200.  The stock is also rising on news of a price increase for its Instinct MI350 chips.We do expect for momentum to build even more, as the company heads into earnings on August 4. Expecting to see strong growth and outlook in its numbers, we’d eventually like to see shares of AMD test $200 a share.

Sincerely,

Ian Cooper