Advanced Micro Devices (NASDAQ:AMD) news for Thursday concerning a positive 2020 outlook for the company has AMD stock heading higher.
The strong outlook for Advanced Micro Devices comes from Instinet analyst David Wong. The analyst says that he is expecting the company to grow even stronger in the competitive market throughout 2020.
This Advanced Micro Devices news from Wong also includes his stance on AMD stock. Among this is his “Buy” rating for the stock, which is the same as what it was previously. What’s different this time around is a price target of $58, reports MarketWatch.
That new price target from the Instinet analyst is a 45% increase over his previous price target of $40 per share for AMD stock. It’s also 26.47% higher than the $45.86 price that AMD was trading at when markets last closed.
The positive Advanced Micro Devices news is doing wonders for AMD stock today. Not only is it up 6.23% as of this writing, but it’s also trading at $48.72 per share. That’s a major milestone for the tech company.
Why exactly does this matter to AMD stock? The current price of the company’s stock is now above its previous record. This was set back in 2000 when the stock closed out the day at $47.50 on June 21.
We’ll have to wait and see what the stock is trading at when markets closed today, but beating that record is already a win for AMD investors. Add in the strong outlook from Wong and it looks like 2020 is going to be a good year for the company.
As of this writing, William White did not hold a position in any of the aforementioned securities.
