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Keep an eye on Advanced Micro Devices (SYM: AMD). After pulling back from $174 to $150, it appears to have caught strong support and is just starting to pivot higher. It’s also oversold on RSI and Williams’ %R. From its last traded price of $153.44, we’d like to see it initially retest $174 again.
According to analysts at Oppenheimer, AMD’s upcoming earnings should continue to show solid growth in its data center segment.
"Management has impressively grown AMD's AI franchise from nil to ~$4B over just the past year," said Oppenheimer, as quoted by Seeking Alpha. "Unfortunately, investor expectations have consistently remained out of reach. Initial expectations for ~$8B MI300 sales earlier this year are now closer to $5B, based on our discussions." Piper Sandler reiterated an overweight rating on the AMD stock with a $200 price target. After attending AMD’s artificial intelligence event, the analyst remains “enthused” about the company’s prospects, particularly around its data center and GPU offering, noted TheFly.com. Did you miss yesterday's Chart of the Day? Click here to view it now.
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