Author: Bret Kenwell / Source: TheStreet
Shares of Advanced Micro Devices (AMD – Get Report) continue to move higher; soaring up Wednesday around 9% alone. The move comes amid several pieces of good news.
First, AMD received a positive analyst note from Nomura. They initiated the stock with a buy rating and slapped a $33 price target on the name.
This implied 23% upside in the stock from the most recent close, although the remaining upside is limited after Wednesday’s big rally. Second, reports have surfaced that AMD is set to have a strong second half in 2019, with demand picking up for its components.Others names like Nvidia (NVDA – Get Report) and Micron (MU – Get Report) are rallying on the day as well.
Investors buying now are looking to get in while AMD stock is still subdued, hoping that a strong second half will propel it higher, perhaps even to new highs. Can AMD get back to $33, where it last topped out in September, and press even higher? Let’s look at the charts.
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