Shares of Advanced Micro Devices AMD have soared 133% in 2019, but is there room for it go still higher in 2020?
AMD’s outsized performance earned it a place among TheStreet’s top stocks of 2019, which takes into account share gains, quarterly results versus expectations, execution against strategy and overall story.
So what was that 2019 run all about?
Nelson Wang, TheStreet’s tech editor, explained:
“AMD has really made a transformation in terms of how it’s perceived. It used to be seen as a low end discount chip maker compared to its major rival, Intel. For a long time, AMD itself was in danger of going out of business. In the last few years it’s really transformed itself a lot under its CEO Lisa Su, who has really staged a turnaround in the types of products, the level of technology, how competitive they are with Intel.”
As for 2020, the average price target on Wall Street is $34, below the stock’s current level of $42.
TheStreet’s tech columnist Eric Jhonsa had this to say about AMD’s prospects for 2020:
“Competitively, AMD looks like they’re in pretty good shape right now. They look poised to add more desktop and CPU share in 2020, given the manufacturing technology lead they’ve been able to open up with Taiwan Semiconductor. It’s tough to say just how well AMD will perform this year given how much has been priced into the stock. Just from a business standpoint, though, they look like they’re in pretty good shape.