Evercore ISI Forecasts Strong Price Appreciation for Advanced Micro Devices (NASDAQ:AMD) Stock

Advanced Micro Devices (NASDAQ:AMD) had its price objective boosted by analysts at Evercore ISI from $193.00 to $198.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Evercore ISI’s target price indicates a potential upside of 31.65% from the stock’s current price.

Several other research firms have also issued reports on AMD. Wedbush reaffirmed an “outperform” rating and set a $200.00 price objective on shares of Advanced Micro Devices in a research note on Wednesday, July 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $180.00 price objective on shares of Advanced Micro Devices in a report on Monday, October 7th. KeyCorp lowered their target price on Advanced Micro Devices from $230.00 to $220.00 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Piper Sandler lifted their price target on shares of Advanced Micro Devices from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Finally, BNP Paribas upgraded shares of Advanced Micro Devices to a “strong-buy” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $193.83.

Advanced Micro Devices Price Performance

Shares of AMD traded down $15.85 on Wednesday, hitting $150.40. The company’s stock had a trading volume of 41,621,684 shares, compared to its average volume of 56,641,477. The company has a 50 day moving average price of $155.35 and a 200 day moving average price of $156.08. Advanced Micro Devices has a fifty-two week low of $94.07 and a fifty-two week high of $227.30. The company has a market capitalization of $243.09 billion, a PE ratio of 222.07, a PEG ratio of 2.33 and a beta of 1.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.82 and a quick ratio of 2.01.

Advanced Micro Devices (NASDAQ:AMD) last announced its earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.92. The company had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.71 billion. Advanced Micro Devices had a net margin of 5.82% and a return on equity of 5.98%. The company’s revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, research analysts anticipate that Advanced Micro Devices will post 2.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Advanced Micro Devices

A number of institutional investors and hedge funds have recently modified their holdings of AMD. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Advanced Micro Devices by 59.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 309,561 shares of the semiconductor manufacturer’s stock valued at $50,214,000 after buying an additional 116,020 shares during the last quarter. Wesbanco Bank Inc. boosted its holdings in Advanced Micro Devices by 15.7% during the third quarter. Wesbanco Bank Inc. now owns 155,558 shares of the semiconductor manufacturer’s stock worth $25,524,000 after purchasing an additional 21,132 shares during the last quarter. St. Louis Financial Planners Asset Management LLC bought a new stake in Advanced Micro Devices in the 3rd quarter worth about $2,394,000. Sycomore Asset Management lifted its position in shares of Advanced Micro Devices by 28.6% during the 2nd quarter. Sycomore Asset Management now owns 137,883 shares of the semiconductor manufacturer’s stock worth $21,722,000 after buying an additional 30,677 shares in the last quarter. Finally, Custom Index Systems LLC purchased a new position in shares of Advanced Micro Devices in the 3rd quarter worth approximately $559,000. 71.34% of the stock is currently owned by institutional investors.

About Advanced Micro Devices

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.