Can Advanced Micro Devices Test $200?

A day after missing earnings, shares of Advanced Micro Devices (NASDAQ: AMD | AMD Price Prediction) are up more than $9 a share, or 5.7%. Granted, AMD posted EPS of 48 cents, which missed estimates of 49 cents.

“AI business revenue declined year over year as U.S. export restrictions effectively eliminated MI308 sales to China, and we began transitioning to our next generation,” CEO Lisa Su said, as quoted by CNBC. The good news is that the company’s revenue of $7.69 billion exceeded estimates of $7.42 billion.

However, Analysts are Still Bullish on AMD

With those numbers, analysts at Deutsche Bank still raised their price target on AMD to $150 from $130 a share. JPMorgan also raised its price target to $180 from $120, noting that “AMD is improving its competitiveness across CPU and GPU products with Ryzen, EPYC, and Radeon Vega platforms and is on track to improve its market share and drive meaningful revenue growth in the near term,” as quoted by CNBC.

Wells Fargo reiterated its overweight rating with a $185 price target.

Barclays also reiterated its overweight rating, raising its price target to $200 from $130. Bank of America still has a buy rating and its $200 price target.

And UBS reiterated its buy rating with a $210 price target. Analysts at Northland just raised their price target on AMD to $198 from $132, with an outperform rating. Cathie Wood’s ARK ETFs invested $38 million into AMD, as well.

Analysts at Bank of America also reiterated a buy rating on AMD, noting that it sees “multiple growth cylinders” for the stock.

Last trading at $171.12, we’d like to see shares of AMD challenge $200 near term.