AMD shares gain for a second straight session on Monday, MKM Partners raises price target on the stock, maintains rating

MKM Partners was reported to have revised up its price target for Advanced Micro Devices Inc (AMD) to $14.50 from $13.00 previously, while maintaining a “Neutral” rating on the stock ahead of the companys fourth-quarter earnings report.

Shares of Advanced Micro Devices Inc closed higher for a second consecutive trading session on Monday. The stock went up 2.86% ($0.370) to $13.320, after touching an intraday high at $13.465, or a price level not seen since October 24th 2017 ($14.360).

In the week ended on January 28th the shares of the global semiconductor company added 2.86% to their market value compared to a week ago, which marked a fourth consecutive period of gains.

The stock has extended its advance to 29.57% so far during the current month, following a 5.60% slump in December. The latter has been a fifth consecutive month of losses.

For the entire past year, the shares of Advanced Micro Devices Inc retreated 9.35% following a 295.12% surge in 2016.

MKM Partners analyst Ruben Roy remains rather optimistic about the tech company’s immediate prospects, as he cites “recent positive data points around the PC, server, and crypto currency mining markets”.

However, Ruben also noted that “from a longer-term perspective, we continue to view the crypto market from a conservative stance”.

“While we continue to appreciate AMD’s recent execution, we have yet to see evidence of meaningful share gains with the company’s recently introduced product families”, he added.

AMD is expected to report fourth-quarter results today.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding AMD’s stock price, have a median target of $13.00, with a high estimate of $22.00 and a low estimate of $5.00. The median estimate is a 2.40% decrease compared to the closing price of $13.320 on January 29th.

The same media also reported that 15 out of 28 surveyed investment analysts had rated AMD’s stock as “Hold”, while 8 – as “Buy”. On the other hand, 4 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the AMD stock are presented as follows:

R1 – $13.358
R2 – $13.396
R3 (Range Resistance – Sell) – $13.434
R4 (Long Breakout) – $13.548
R5 (Breakout Target 1) – $13.682
R6 (Breakout Target 2) – $13.744

S1 – $13.282
S2 – $13.244
S3 (Range Support – Buy) – $13.206
S4 (Short Breakout) – $13.092
S5 (Breakout Target 1) – $12.958
S6 (Breakout Target 2) – $12.896

By using the traditional method of calculation, the weekly levels of importance for Advanced Micro Devices Inc (AMD) are presented as follows:

Central Pivot Point – $12.773
R1 – $13.227
R2 – $13.503
R3 – $13.957
R4 – $14.410

S1 – $12.497
S2 – $12.043
S3 – $11.767
S4 – $11.490