Why AMD Stock Blasted 5% Higher on Tuesday
Tech companies involved in, or associated with, artificial intelligence (AI) are having quite a moment on the stock exchange. One of them, storied chipmaker American Micro Devices (NASDAQ: AMD), enjoyed quite the pleasant lift on Tuesday. An analyst boosted the company's already-convincing buy case, and the share price closed more than 5% higher in response.
That analyst was Piper Sandler's Harsh Kumar, who before market open raised his price target on AMD stock. Kumar now feels the tech company is worth $150 per share, well up from his previous $110 level. Almost needless to say, given the heft of the increase, he maintained his existing overweight (read: buy) recommendation.
The Piper Sandler prognosticator's move deepens the bullishness many investment professionals are expressing on the stock. It's far from the only price target hike in recent days -- for example on Monday, Kumar's peer Christopher Danely at Citigroup also enacted a significant raise, setting a new level of $120 per share from his preceding $85. Danely, however, still only rates AMD a neutral.
Source Fool.com
Advanced Micro Devices Inc. Stock
The stock is one of the favorites of our community with 105 Buy predictions and 4 Sell predictions.
With a target price of 520 € there is a positive potential of 27.47% for Advanced Micro Devices Inc. compared to the current price of 407.95 €.
