AMD Set to Announce Q3 Results Amid Positive Market Trends

Advanced Micro Devices Inc AMD is scheduled to announce its third-quarter earnings this Wednesday. Market analysts anticipate an earnings per share (EPS) of 92 cents and revenue of $6.71 billion, with the report coming out after market hours.

Over the past year, AMD’s stock has surged by 65.19%, and it has gained 14.65% year-to-date.

Next, we’ll analyze the current stock performance of AMD and how it aligns with expectations from Wall Street.

Technical Indicators Reflect Mixed Signals for AMD Stock

At present, AMD stock is trading at $159.23, showcasing a combination of bullish and bearish signals for investors.

Chart created using Benzinga Pro

The stock price exceeds its five, 20, and 50-day exponential moving averages, indicating a generally positive trend, although there are signs of minor selling pressure. It also trades above its eight-day ($155.75) and 50-day ($155.27) simple moving averages, hinting at short-term bullish momentum.

Conversely, AMD’s price is currently lower than its 20-day ($161.21) and 200-day ($163.03) simple moving averages. These levels could serve as resistance in the future.

With a MACD reading of negative 0.38 and an RSI of 51.66, the stock may be approaching oversold territory, which could indicate a potential rebound if buying interest increases.

Analysts Predict Strong Upside for AMD

Ratings & Consensus Estimates: Currently, analysts have given AMD stock a Buy rating, with an average price target of $194.90. Recently, Rosenblatt, Roth MKM, and Cantor Fitzgerald issued new ratings in October. Their collective target suggests a potential price increase of 31.98% for AMD.

AMD Price Action: On Monday, AMD stock noted an increase of 2.3%, reaching $159.92.

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