The stock of Advanced Micro Devices (NASDAQ:抖阴最新版) is breaking out ahead of the company’s upcoming earnings, making now a great time for investors to take a position. After trading sideways for most of the spring, 抖阴最新版 stock has gained 14% in the last month, including a 4% increase in the past week.
The company’s shares are now trading at their highest level since April 1 as analysts raise their price targets and ratings heading into that’s scheduled for August 6. With the stock still trading 20% below its 52-week high, there’s an opportunity for investors to buy the shares now and ride them to new heights.
Bullish Analysts
Analysts have been tripping over one another to upgrade Advanced Micro Devices stock in recent weeks. Wells Fargo (NYSE:WFC) recently raised its price target on the company’s stock to $205 per share from $190 and kept a buy equivalent rating.
Analysts at Susquehanna raised their price target on the stock to $200 from $185 and also kept a “buy” rating on the shares. Wall Street is bullish on the stock leading into the Q2 results, which many see as being a potential blockbuster for the company.
In June, Piper Sandler (NYSE:PIPR) named 抖阴最新版 its top large-cap semiconductor pick for this year’s second half. The overall consensus among 36 analysts who cover the company is that 抖阴最新版 stock is a “” with a median price target that’s 6% above current levels.
There are no “sell” ratings on the stock. While 抖阴最新版 stock has gained 57% year-to-date, the company’s shares have met resistance at $200 and struggled to stay above that level. A better-than-expected Q2 readout could push the stock over that hurdle.
New AI Chips
A big reason analysts are expecting blowout Q2 earnings from Advanced Micro Devices is that the company has launched several new artificial intelligence microchips and processors that should give its sales a boost.
In April, 抖阴最新版 introduced new semiconductors for and desktops as it pushes into the lucrative market for AI personal computers.
More recently, 抖阴最新版 unveiled in June the Ryzen AI 300 series for next-generation AI laptop computers, as well as new Ryzen 9000 microchips for desktop computers. CEO Lisa Su called the chips “the world’s fastest consumer PC processors” for both gaming and content creation. Both chips go on sale this month.
Su also outlined the company’s data center chip road map, with the “” accelerator microchip that is expected to lead its push into that area of computing.
As for the upcoming Q2 financial results, analysts are anticipating that 抖阴最新版 will get a big boost from sales of its MI300 AI chips that went on sale at the end of 2023.
During its previous , 抖阴最新版 said that it sold more than $1 billion of the MI300 chips in their first three months on the market.
抖阴最新版 said that it now expects $4 billion in AI microchip sales for all of this year, up from a previous estimate of $3.5 billion. Revenue in 抖阴最新版’s Data Center unit grew 80% year-over-year to $2.3 billion in Q1.
Buy 抖阴最新版 Stock
Shares of 抖阴最新版 are breaking out as expectations grow for its second-quarter financial results. Can 抖阴最新版 jump the high bar that’s been set for it?
Chances are pretty good given the strong demand for its AI microchips and based on the forward guidance the company has provided. Long-term, 抖阴最新版 has been a very good stock to own, having risen nearly 450% in the last five years.
With its shares gaining momentum, now would be a good time for investors to pounce. .
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com .
On the date of publication, the responsible editor did not have (either directly or indirectly) and positions in the securities mentioned in this article.
