Why Advanced Micro Devices (AMD) Should Be on Your Radar in 2024
Welcome, crypto investor, in 2024, Nvidia has been making waves with its semiconductor technology and remarkable performance in the AI sector. However, let’s not overlook another major player in the industry, Advanced Micro Devices (AMD). While AMD may not have reached the same level of growth as Nvidia, its stock has consistently outperformed the S&P 500 and is currently up by 17.19% year-to-date. Expert opinions and recent price target revisions suggest that the best is yet to come for AMD. Let’s delve into why AMD should be on your radar in 2024.
Analysts Bullish on AMD with Revised Price Targets
The first 10 days of June have seen several analysts revising their price targets for AMD, indicating a bullish sentiment towards the company:
- CFRA analysts reiterated a ‘buy’ rating for AMD with a price target of $200, a 23.16% upside from the current price.
- Bank of America raised its price target to $195, up from the previous $185, suggesting a positive outlook for the chipmaker.
- TD Cowen also assigned a ‘buy’ rating with a $200 price target, highlighting AMD’s alignment with Nvidia’s roadmap.
- Citi offered a more conservative estimate, forecasting AMD to climb to $176 in the next 52 weeks.
- Susquehanna and Morgan Stanley reiterated a $200 price target and a ‘buy’ rating for AMD, showing confidence in the company’s growth potential.
Analyst Consensus and Price Targets for AMD Stock
Despite varying opinions, analysts remain overwhelmingly bullish on AMD, with the stock rated as a ‘strong buy’ on TipRanks:
- Out of 35 analysts, 28 recommend buying AMD stock, while 7 remain neutral on the technology firm.
- The average price target implies a 17.64% upside for AMD in the next 12 months, reaching $191.03.
- Optimistic predictions suggest AMD could hit $235, while bearish views point to a potential drop to $140.
Hot Take: Are you ready to ride the AMD wave?
Given the positive outlook from analysts and the potential for growth in the semiconductor industry, now might be the perfect time to consider adding AMD to your investment portfolio. With a history of outperforming the market and a series of optimistic price target revisions, AMD could be a promising opportunity for investors looking to capitalize on the tech sector’s growth. Keep an eye on AMD as it continues to evolve and capture new opportunities in the ever-changing world of technology.
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