Advanced Micro Devices, Inc. (NASDAQ: AMD) Stocks trade lower on Wednesday on profit taking.
The chipmaker continues to hog the spotlight with positive vibes from Bank of America’s Global Technology Conference 2023 leadership and analyst reassessments.
AMD unveiled its impressive and improving cloud footprint at the BoA event. The company, although currently weak, was showing promise in gaining a foothold and progress.
The chipmaker unveiled plans to reveal its AI strategy at an event next week, something it had been planning for 3-4 years.
At least two analysts raised their price targets on the stock on Tuesday. Piper Sandler Analyst Harsh Kumar keeps AMD overweight and raises price target from $110 to $150.
Citigroup analyst Christopher Danely reiterates AMD with a neutral and raises the price target from $85 to $120.
Session volume jumped above 41.3 million at midday from a 100-day average of 68 million.
Price Action: AMD shares traded down 3.45% to $119.64 when last checked on Wednesday.
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This article What’s Going On With AMD Stock Wednesday originally appeared on Benzinga.com
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