Although it opened the year with consistent growth, Advanced Micro Devices (NASDAQ: AMD) stock has moved in a downside trend since early March, only attempting to recover its price in the last couple of days, but analysts are optimistic, trusting its recovery would continue in the next 12 months.
Indeed, AMD shares have had an interesting several months, recording several significant daily surges, including the advance of 8.31% on January 16 and racing as much as 10.69% one month later, on February 22, while hedge funds are currently cutting their holdings, creating downward pressure.
AMD stock price prediction
In terms of AMD stock’s future advances, a group of 34 Wall Street experts have offered their 12-month price targets in the last three months, awarding AMD shares a ‘strong buy’ status based on 28 votes for ‘buy,’ six analysts opting for a ‘hold,’ and with no ‘sell’ calls, as per TipRanks data on May 16.
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Furthermore, analysts have set their price targets for AMD stocks for the following one-year period, with an average price prediction standing at $192.32, which suggests a possible increase of 20.45% from their current price, the lowest target set at $140 (-12.23%) and the highest at $265 (+66.14%).
Notably, among these experts is the Jefferies team, which issued a ‘buy’ rating and a $190 target price on AMD stock, as it announced coverage of AMD shares in a research note on May 13, whereas JPMorgan Chase & Co. (NYSE: JPM) retained its $180 target, giving it a ‘neutral’ rating back in January.
Furthermore, on May 1, UBS Group (NYSE: UBS) reduced the target to $200 and set a ‘buy’ rating, Piper Sandler reiterated an overweight score, demoting AMD to $175, KeyCorp lowered it to $230 while also setting an overweight rating, and Citi (NYSE: C) dropped its target to $176.00, setting a ‘buy’ rating.
At around the same time, Bank of America (NYSE: BAC) assessed that the ongoing quarter is unlikely to be pivotal for the cautiously expected boom, albeit acknowledging that AMD’s long-term prospects are strong and retaining the $195 target, as Finbold reported on May 1.
AMD stock price history
Meanwhile, the price of AMD shares at press time stood at $159.50, suggesting an AMD price increase of 1.62% on the day and adding up to the 2.37% gain across the previous week while recording an accumulated loss of 1.39% in the last month, as per the latest charts retrieved on May 16.
All things considered, the shares of one of the main semiconductor providers in the world could follow the path set by Wall Street experts and continue to grow its price. However, doing one’s own research is important when investing, as things in the markets might take an unexpected turn.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
