Advanced Micro Devices (AMD) Stock: Gaining On Price Target Increase

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Advanced Micro Devices AMD Stock NewsAdvanced Micro Devices, Inc. (NASDAQ: AMD) is having a great start to the trading session this morning, and for good reason. A well-respected analyst has raised the price target on the stock to a Wall Street high. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:

  • The price target increase;
  • why we’re bullish on AMD as well;
  • what we’re seeing from the stock; and
  • what we’ll be watching for ahead.

AMD Gains On Analyst Price Target Increase

As mentioned above, Advanced Micro Devices is having an incredibly strong start to the trading session this morning after news broke that the company had a price target increase from a well-respected analyst. This morning, news is circulating that Bank of America/Merrill Lynch has increased its price target on the stock

The increase came from analyst, Vivek Arya. In the note, the analyst reiterated the firms buy rating on the stock. Also, with the reiteration, Vivek Arya also increased the price target on AMD to $35, which just so happens to be the top price target on the street as we speak.




Why We’re Bullish On AMD

AMD is a stock that has led to quite a bit of discussion and debate. On one side, there are the bulls like us that believe that the company is slowly taking market share from the big guys like Intel and NVIDIA. The reason is simple. The market share is slowly going to AMD because it is providing top-notch products at competitive prices. At the same time, Intel has been facing node security issues and NVIDIA hasn’t quite done anything with regard to the launch of a new product as of late. We believe that these deficiencies in the competition are ultimately the reason that Advanced Micro Devices is looking so good. The two big competitors are opening the doors and the company is just walking right through them to take market share as it does.

What We’re Seeing From The Stock

When we start to dig into the market, one of the first lessons that we learn is that the news leads to moves. In the case of Advanced Micro Devices, the news proved to be overwhelmingly positive. After all, a well-respected analyst has validated the bullish opinions of many in what is becoming a pretty heated debate between the bears and the bulls. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:24), AMD is trading at $29.43 per share after a gain of $1.37 per share or 4.88% thus far today.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on AMD. In particular, we’re interested in following the story surrounding the company’s continued work to take market share from industry leaders. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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