Advanced Micro Devices Stock News and Forecast: AMD sets second all-time high of week

AMD stock makes a new all-time high at $164.46 on Tuesday.
Advanced Micro Devices stock has been riding a bull trend since early October.
AMD CEO Su speaks at Credit Suisse conference.

Clay Webster FXStreet

Another day, another all-time high. Shares of Advanced Micro Devices (AMD) broke to a new all-time high of $164.46 on Tuesday, only a day after another all-time high was set. The 4.6% surge on Monday appeared as a rebound after Friday's general market downturn linked to the new Omicron variant of COVID-19. Early in Tuesday's session, the stock rose 2% before falling 2% in the other direction to $158.65.

Advanced Micro Devices (AMD) Stock News: CEO Su upbeat at tech conference

Speaking at Credit Suisse's 25th annual Technology Conference on Tuesday morning, CEO Lisa Su sounded extremely confident about prospects for the chipmaker.

"Our mission is around high-performance computing. When we think about our primary markets – PCs, gaming and data centers – we see an expansion of our market opportunity," Su said.

"With the Xilinx acquisition, we expect to continue that 20% CAGR. That's achievable," Su said. AMD's acquisition of Xilinx in October will allow it to compete with Intel in the programmable logic device market.

Responding to a question about supply constraints, Su acknowledged that though she did not expect such high demand in 2021, by aggressively working with suppliers Advanced Micro Devices was able to make up for the logjam.

The CEO said AMD is focused especially on the enterprise PC and data center segments. Though AMD is already servicing ten of the largest data center companies in the world, Su said the company is not even close to saturation.

IC Insights released a report in early November saying it expects Advanced Micro Devices to post a revenue increase of 65% this fiscal year. This would put AMD in first place on IC Insights' list of the fastest-growing semiconductors, above Nvidia (3rd, 54%) and Qualcomm (4th, 51%).

For the quarter ending in September, AMD posted revenue growth of 54% YoY and a jump from 44% to 48% on its gross margin.

AMD key statistics

Market Cap	$198 billion
Price/Earnings	50
Price/Sales	13
Price/Book	27
Enterprise Value	$193 billion
Operating Margin	21%
Profit Margin	27%
52-week high	$164.46
52-week low	$72.50
Short Interest	6%
Average Wall Street Rating and Price Target	Hold, $140.51

Advanced Micro Devices (AMD) Stock Forecast: AMD aiming for $170s

AMD stock broke out of its bull pennant on November 16 and has continued to move upward within an ascending price channel. The top line of that price channel is now in the $170s, which should provide

AMD has remained largely in overbought territory on the Relative Strength Index (RSI) since October 18. Currently, it sits at 73. Support sits at the 9-day moving average at $155.95. With Tuesday's pullback below $160, it seems more than likely that the 9-day will hold. If not, further support sits near $150.

AMD daily chart

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

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