Analysts revise AMD stock price target

AMD struggles in stock market in 2024 but recent announcements of new products prompt expert revisions and positive outlook from analysts.

Advanced Micro Devices (AMD), a semiconductor giant, has been facing challenges in the stock market amidst the AI boom of 2024. Despite a strong start to the year, with shares climbing from $138 to over $210, AMD has since experienced a decline, with shares currently up 17.37% year-to-date.

In June, AMD made significant announcements at Computex 2024 regarding new products and release cycles for AI accelerators, similar to Nvidia's schedule. These revelations led to expert revisions for AMD stock, with analysts at Bank of America raising their 12-month price target from $185 to $195, maintaining a 'buy' rating. This followed a previous reduction in the price target at the start of May.

On the other hand, analysts at CFRA have retained their optimistic estimates for AMD, with a price target of $200. Despite recent struggles in the stock market, AMD is well-regarded by Wall Street experts, with a 'strong buy' rating based on 36 ratings on TipRanks. Thirty experts rank the company as a 'buy' while six are 'neutral.'

Overall, analysts predict a 17.74% increase in AMD shares over the next 52 weeks, reaching $192.56. The most bullish forecast from Melius Research sees the chipmaker rising to $265, while the most bearish from Bernstein predicts a price of $140 in the upcoming year.

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