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Analysts revise AMD stock price target

Analysts revise AMD stock price target

Unlike many other companies heavily involved in the ongoing artificial intelligence (AI) boom, the other semiconductor giant, Advanced Micro Devices (NASDAQ: AMD), has been struggling to find its footing in the stock market in 2024.

Though AMD started the year strong, climbing from about $138 to over $210 between January and March, its shares have since been on a relatively steady decline and are – in total – 17.37% in the green year-to-date (YTD).

AMD stock YTD price chart. Source: Finbold

At the very start of June, however, Advanced Micro Devices made a string of announcements pertaining to new products and new release cycles – with the schedule for the release of AI accelerators now resembling Nvidia’s (NASDAQ: NVDA) – during Computex 2024.

The revelations prompted a string of expert revisions for AMD stock, and Finbold examined just how Wall Street analysts now expect the chipmaker to fare in the coming 12 months.

Bank of America and CFRA revise AMD price targets

The announcement of a new line of chips, set to arrive in 2025, and the novel release cycle of AI accelerators was seemingly well received by the analysts of Bank of America (NYSE: BAC) securities as they raised the 12-month stock price target for AMD from $185 to $195 while maintaining a ‘buy’ rating.

This is the second change to the price target in just over a month as BAC analysts reduced the target by $10 to $185 at the very start of May.

Experts at CFRA have, on the other hand, retained their previous, optimistic estimates following the most recent news pertaining to Advanced Micro Devices and maintained their positive outlook and a price target set at $200.

Wall Street 12-month consensus for AMD

In general, despite its relative stock market struggles, AMD is well-regarded by Wall Street experts and is, based on 36 ratings available on the stock analysis platform TipRanks, considered a ‘strong buy.’ Indeed, 30 of the experts rank the semiconductor company as a ‘buy’ while 6 are ‘neutral.’

AMD stock analyst consensus. Source: TipRanks

Overall, analysts expect AMD shares to climb 17.74% in the coming 52 weeks from their press time price of $162.71 and reach $192.56. The most bullish forecast – assigned by Melius Research – would see the chipmaker rise to $265, while the most bearish – offered by Bernstein – considers $140 the likeliest outcome of the upcoming 52 weeks of trading.

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