Advanced Micro Devices, Inc (NASDAQ:AMD) stock is trading lower Wednesday on some profit-taking.
The chipmaker continues to hog the limelight with positive vibes from the Bank of America 2023 Global Technology Conference management and analyst re-ratings.
AMD disclosed its impressive and improving cloud footprint at the BoA event. Enterprise though currently weak, exuded promise in the foothold and progress.
The chipmaker disclosed plans to reveal their AI strategy in an event next week, something they had been prepping for 3 – 4 years.
At least two analysts boosted their price targets on the stock Tuesday. Piper Sandler analyst Harsh Kumar maintains AMD with an Overweight and raises the price target from $110 to $150.
Citigroup analyst Christopher Danely reiterates AMD with a Neutral and raises the price target from $85 to $120.
The session volume surged above 41.3 million by mid-day versus the 100-day average of 68 million.
Price Action: AMD shares traded lower by 3.45% at $119.64 on the last check Wednesday.
Image by cebbi from Pixabay
