- NASDAQ: AMD has advanced by around 2% on Monday, extending its winning streak.
- Demand for the chipmaker's Ryzen processors has been one of the upside drivers.
- The AMD stock price has also been impacted by Goldman's downgrade for Intel, a competitor.
Schadenfreude – pleasure from the misery of others – is what investors in Advanced Micro Devices (AMD) may be experiencing. The Sana Clara, California-based chipmaker is advancing – in part – due to the misery of Intel, its major rival in Silicon Valley.
Goldman Sachs, the influential investment bank, has downgraded Intel's stock target from neutral with a price target of $65 to sell, with $54. Intel's decline – at least according to GS – is also due to AMD's success. The smaller rival has been gaining market share in personal computer and also serve CPU markets – giving a fight to the giant.
AMD's Ryzen processors are rising in demand boosting NASDAQ: AMD stock.
AMD Stock Forecast
NASDAQ: AMD finished at a closing price of $53.40, up from 2%, and edging closer to the 52-week high of $59.27. That would serve as the next target for AMD bulls. It is essential to note that at current prices, the stock is near double its 52-week low of $27.43.
For those seeking quick profits, one look at the market capitalization of over $60 billion is showing that moves will likely be more gradual for this heavyweight company. AMD will likely provide fewer shocks or "air pockets" that scare speculators.
Pre-market trading is showing that NASDAQ: AMD is on the back foot, shedding some of its gains. That goes hand in hand with the broader trend in US markets, as fears of post-weekend-effect COVID-19 statistics could be severe.
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