When we first started talking about the opportunity with AMD, we said:
“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. Helping, Wells Fargo just named AMD one of its top tech picks for the new year. Even better, AMD just launched its new AI-powered PC chips at CES 2023.”
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.
Better, not only has growth been explosive, but the company continues to chip away at competitor market share, which should continue for some time.
Earnings have been solid, too. 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 of $ 5.51 billion. “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.