Advanced Micro Devices (AMD) stock was down on Thursday despite continued positive coverage from analysts following the semiconductor company’s most recent earnings report. Two five-star analysts raised their price targets for AMD stock, largely thanks to an earnings report on Tuesday that was well above Wall Street’s estimates.
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First up is Citi analyst Atif Malik, who boosted his price target for AMD stock to $358 from $248. Despite the increase, this still represents a possible 11.71% downside for the shares. However, this makes sense as Malik reiterated a Hold rating for AMD stock. The analyst’s continued neutral stance on AMD stock and lackluster price target may be part of why the shares have fallen today.
On the flip side of that, Wells Fargo analyst Aaron Rakers maintained a Buy rating for AMD stock and boosted his price target to $505 from $345, suggesting a potential 24.55% upside. Rakers joined a growing list of analysts impressed by AMD’s earnings, which saw adjusted earnings per share of $1.37 and revenue of $10.25 billion easily surpass Wall Street’s estimates.
AMD Stock Movement Today
AMD stock was down 3.42% on Thursday, but was still up 90.06% year-to-date. The stock has also rallied 314.45% over the past 12 months.
With today’s news came strong trading of AMD stock, as more than 26 million shares changed hands. That’s closing in on the company’s three-month average daily trading volume of about 32.47 million shares.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Strong Buy, based on 37 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $440.45, representing a potential 18.51% upside for the shares.
