After pulling back on Thursday from a 12-year high, shares of chipmaker Advanced Micro Devices (AMD) popped higher on Friday, extending what’s been an incredible rally thus far in 2018.
Friday saw AMD shares rise by 7.4%. The stock kept gaining all year, hitting new 12-year highs and rising to levels not seen since 2006, when it traded as high as $42.70 a share. It closed Friday at $32.72, so it still has some increasing to do before hitting that 2006 high.
The stock may potentially reach that level, as AMD shares are up by 201% since the start of the year, and by an incredible 220% over the past 100 days. And gains have been accelerating. Historically, AMD has reached its best gains in the last 6-8 weeks, which could lead to the stock reaching a level above the 2006 high.
Analysts continue to raise their forecasts for the stock too. On Thursday FBN Securities initiated an outperform rating and a $40 price target on the chipmaker stock. Earlier in the week Rosenblatt Securities analyst Hans Mosesmann had also raised his price target on the stock to $40 from the previous $30 forecast. Even more, Argus analyst Jim Kelleher took his price target from $23 to $40.
AMD is the best performing stock in the S&P 500 this year. In comparison with the AMD gains, the Philadelphia Semiconductor Index is up just 10% year-to-date, while the Nasdaq has gained 16.2% and the S&P 500 has an 8.6% gain.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.