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Wall Street sets AMD stock price for the next 12 months

Wall Street sets AMD stock price for the next 12 months
Elmaz Sabovic

While it seems that Nvidia (NASDAQ: NVDA) is in charge of the semiconductor industry, other players like Advanced Micro Devices (NASDAQ: AMD) secure a significant slice of the microchip profits pie.

Looking at the past year alone, AMD stock has surged by over 100% and 25.73% since 2024 started, posting impressive numbers followed by solid technical and fundamental indicators.

Since the markets closed on February 5, this stock has been trading at $174.23, recording a loss of -1.93% and a decrease of -1.05% over the past five trading sessions.

AMD 7-day stock price chart. Source: Finbold
AMD 7-day stock price chart. Source: Finbold

AMD’s performance is strong, ranking higher than 97% of stocks and more robust than 98% within its industry. Trading near its 52-week peak, within a range of $140.15 to $184.92, AMD’s liquidity remains solid with notable recent volume increases.

Technical indicators for AMD stock. Source: ChartMill
Technical indicators for AMD stock. Source: ChartMill

With the projected annual growth of over 15% for the AI industry, Advanced Micro Devices looks set to profit from a rapid expansion over the following years.

An incentive to bring the fight to Nvidia

AMD aims to challenge Nvidia’s market dominance by unveiling the MI300X, an AI-centric chip. This strategic move positions AMD as a significant contender in AI-focused stocks, particularly with Nvidia facing sales backlog issues. 

The MI300X, designed for generative AI technologies, is projected to generate approximately $2 billion in sales within the next year and surpasses Nvidia’s leading H100 in memory speed.

Reports suggest potential interest from major players like Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) in AMD’s MI300X. 

Wall Street’s forecast for AMD stock

Buoyed by its recent robust performance and enticing innovations from AMD, analysts at TipRanks have bestowed upon this stock a ‘strong buy’ rating. They have set a price target of $194.16, suggesting an 11.44% upside from the current level.

Of 34 examiners, 29 advised to ‘buy,’ 5 to ‘hold,’ and notably, none opted to ‘sell.’

Wall Street analysts’ average price target for AMD. Source: TipRanks
Wall Street analysts’ average price target for AMD. Source: TipRanks

Analysts from TradingView advise an overall ‘buy’ rating based on 46 ratings. Of these, 29 recommended a ‘strong buy,’ 6 advised a ‘buy,’ 10 opted for ‘hold,’ and only one for ‘sell.’

The price target is $189.38, with an upside of 8.69% from the current price.

AMD stock price target from TradingView.
AMD stock price target from TradingView.

As the AI race is heating up, new players emerge looking to upset the power balance and dethrone industry leaders. While now it might seem like a far-fetched idea, there is a potential candidate for the leadership position, and its name is AMD.

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