Keep an eye on Advanced Micro Devices (AMD).
With the company firing on all cylinders, the stock could see $100 shortly. Not only did the stock just break above its 50- and 200-day moving averages, but it also broke above triple top resistance in recent days. All thanks to solid growth that doesn’t appear to be slowing.
That’s what we noted on April 28, 2021.
Today, shares of AMD are now at $110, and still show no signs of slowing.
In its most recent quarter, the company posted Q2 revenues of $3.85 billion, which came in above expectations for $3.62 billion. Cash on hand is up to $3.79 billion.
“Our business performed exceptionally well in the second quarter as revenue and operating margin doubled and profitability more than tripled year-over-year,” said AMD president and CEO Lisa Su, as quoted by TheFly.com. “We are growing significantly faster than the market with strong demand across all of our businesses. We now expect our 2021 annual revenue to grow by approximately 60 percent year-over-year driven by strong execution and increased customer preference for our leadership products.”
Helping, a good deal of analysts raised their target prices.
- Citi raised its target to $100 from $95.
- Mizuho raised its target to $110 from $107.
- BMO Capital raised its target to $80 from $75.
- Benchmark raised its target fo $110 from $100.
- Rosenblatt raised its target to $150 from $135.
- Susquehanna raised its target to $130 from $125.
- Northland raised its target to $125 from $116.