Advanced Micro Devices Inc. (NASDAQ:AMD) shares are down more than 2% Monday, pulling back after climbing more than 16% over the past month. Here’s a look at what could be fueling the recent run.
What To Know: AMD shares have been trading on strong momentum since late April. The rally accelerated last month following a series of product launches at AMD's "Advancing AI" event.
Piper Sandler analyst Harsh Kumar maintained AMD with an Overweight rating and raised the price target from $125 to $140 following the event, noting that the company’s Helios rack announcement would be "pivotal" for AMD Instinct growth moving forward.
The Piper Sandler analyst also said he was optimistic that the company's GPU business was trending in the right direction and should see a "snapback" in the fourth quarter.
Several other analysts maintained bullish ratings and price targets following the event. Rosenblatt maintained a Buy rating and price target of $200, Benchmark reiterated Buy with a price target of $170, Roth Capital maintained a Buy rating and raised its price target to $150 and Evercore ISI Group maintained an Outperform and lifted its target to $144.
Last week, Mizuho maintained an Outperform and raised its price target to $152 and Citigroup on Monday maintained a Neutral rating and lifted its price target to $145.
The consensus price target for AMD is $141.60, with the lowest price target sitting at $95 and the highest price target currently at $200.
How To Buy AMD Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in AMD's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
See Also: Stocks Just Hit Rare Golden Cross For 1st Time Since 2023 — Here’s What It Means For Investors
AMD Price Action: At the time of publication, AMD shares are trading 2.14% lower at $134.97, according to data from Benzinga Pro.
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