Advanced Micro Devices Stock Up After Goldman Sachs Endorsement
On January 3, 2022, Advanced Micro Devices (NASDAQ: AMD) saw its stock rise by 4.2% after Goldman Sachs reaffirmed its position on the company, placing it on its “conviction list” and labeling it a “top pick” for the year.
Goldman Sachs highlighted AMD’s increasing momentum in design wins among server manufacturers and projected significant growth in market share. Analysts forecast non-GAAP profits of $4.30 per share for 2022 and $6.47 per share for 2023, which exceed consensus estimates by 28% and 60%, respectively. This revision of earnings estimates is expected to drive AMD’s stock price up to a target of $170 per share.
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