AMD Stock Surges on Goldman Sachs Upgrade
Advanced Micro Devices (NASDAQ: AMD) saw its stock price increase by 8.3% early on Monday, following an upgrade from Goldman Sachs analyst James Schneider, who raised the price target for AMD to $640. This adjustment comes after a significant sell-off, during which AMD’s stock fell nearly 11% from its all-time high last week.
Despite this bullish sentiment, AMD currently trades at over 170 times its trailing earnings, raising questions about valuation. However, projections for 2024 suggest a robust growth in earnings, potentially dropping its forward P/E ratio to 74, with anticipated earnings growth of 55% annually. The company’s trailing free cash flow stands at $8.6 billion, which is substantially higher than reported net income, indicating strong operational performance.
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