Keep an eye on Advanced Micro Devices (AMD).
At current pace, it could be one of the year’s top winners.
For one, after getting knocked down on broad market weakness, inflation, fears of recession, price target cuts, and plunging PC demand, that has all been priced in. Two, the future is far brighter, with the company still growing sales by double-digits.
Three, the company just posted better than expected earnings. In its fourth quarter, the company posted adjusted EPS of 69 cents, which was above Street estimates for 67 cents. Sales were up to $5.6 billion, which was above estimates for $5.51billion.
“Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and deliver long-term growth based on our differentiated product portfolio,” AMD Chair and CEO Lisa Su said.
From a current price of $75.15, we’d like to see AMD again test $100 a share, near-term.