Top-Rated AMD nears major breakout level 
While shares of Advanced Micro Devices (NASDAQ: AMD) might not grab the headlines as much as its competitor, Nvidia (NASDAQ: NVDA), shareholders of the global semiconductor company are undoubtedly happy campers. Thanks to a significantly higher gap in the pre-market this morning, shares of AMD are now up nearly 20% year-to-date and well over 100% over the previous year. However, the gap higher this morning is thanks to its competitor, Nvidia, after the company reported blow-out earnings in the extended hours on Thursday to help lift the sector and the entire market. The gap in AMD this morning presents an intriguing opportunity. Shares of the well-established semiconductor company are now trading near the resistance of a bullish consolidation. The stock is also Top-Rated, one of the most Most-Upgraded Stocks, and one of the most searched-for. So, could the recent momentum result in a significant breakout to the upside for AMD? 
AMD is a well-established semiconductor company founded in 1969 and headquartered in Santa Clara, California. It plays a crucial role in various sectors of the global economy. The company operates in two segments: computing and graphics, and enterprise, embedded, and semi-custom. Their product portfolio includes microprocessors, chipsets, GPUs, data center solutions, and technology for gaming consoles, making them one of the most versatile semiconductor companies in the market today. In its latest earnings report on January 30, the company slightly surpassed analysts' expectations with an EPS of $0.77. AMD reported quarterly revenue of $6.17 billion, slightly exceeding analysts' predictions of $6.13 billion and marking a 10.2% increase from the previous year. Over the past year, AMD has generated $0.52 diluted earnings per share and maintains a high price-to-earnings ratio (P/E) of 315. Forecasts suggest a significant 57.68% growth in earnings for AMD for the upcoming year, from $2.67 to $4.21 per share. Sentiment is bullish on AMD Although shares of AMD are already up double-digits year-to-date, analysts are forecasting significant additional upside, with a consensus price target forecasting almost 9% upside. AMD has a Moderate Buy rating based on twenty-seven ratings. Of the twenty-seven ratings, twenty-five analysts have AMD as a Buy, and two have AMD at Hold. Over three months, the consensus price target has risen from $134.77 to the current target of $179.06. Most recently, on February 13, analysts from Mizuho boosted its target for AMD from $175 to $200, forecasting a 17.05% upside at the time of the report. Two days ago, on February 20, analysts from Cantor Fitzgerald reiterated its rating as Overweight, with a price target of $190. The general sentiment is bullish, mainly surrounding its stock, as AMD is one of the most followed and searched-for stocks. AMD is also on the list of Top-Rated stocks along with the Most-Upgraded Stocks list. AMD nears major breakout level After the stock pulled back toward its rising key Simple Moving Averages (SMA), like its 200-day SMA late last year, the stock found support and broke higher. Since breaking above the $110 mark in November of last year, momentum has been steadfast, and AMD went on to make a new all-time high at $184.92 in January. Since achieving that high, the stock has essentially been consolidating in a tight range above its rising moving averages. Notable, $165 has acted as support and $180 resistance. With blowout earnings for the sector’s leader, Nvidia, and AMD now approaching its breakout level, momentum to the upside might soon follow. If the stock can hold over $180 with authority, it might begin a fresh leg higher and achieve new all-time highs for the second time this year. Written by Ryan Hasson Read this article online › Read More: | 
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