Advanced Micro Devices Inc (NASDAQ:AMD) shares are climbing on Wednesday. The stock reached new all-time highs of approximately $290.47 during premarket action.
Stifel Sets Bullish Price Target
The momentum follows a move from Stifel. On Monday, the firm maintained a Buy rating and raised its price forecast to $320.
This update suggests continued confidence in the chipmaker’s growth trajectory. Bernstein also lifted its forecast to $265 on Thursday.
Supply Imbalances Drive Rotation
Bernstein analyst Stacy Rasgon noted that strong AI demand is boosting semiconductor names. However, he warned that this trend is exposing growing imbalances across the sector.
Rasgon observed that demand for computing power currently exceeds supply. This includes tight availability for chips, optics, and CPUs.
Divergence in Semiconductor Performance
Rasgon highlighted a performance gap between industry leaders. He noted that AMD and Intel Corp (NASDAQ:INTC) have rallied recently. Meanwhile, NVIDIA Corp (NASDAQ:NVDA) and Broadcom Inc (NASDAQ:AVGO) lagged during certain windows.
The analyst also pointed to a widening valuation gap. Rasgon suggested that certain imbalances will eventually correct “one way or the other.”
Technical Analysis
AMD is pressing into fresh 52-week-high territory after a powerful multi-month uptrend, which keeps the chart tilted toward buyers.
The stock is trading 24.2% above its 20-day simple moving average (SMA) and 33.4% above its 100-day SMA.
The relative strength index (RSI), a momentum gauge, is 80.30.
On the longer view, the stock is up 229.81% over the past 12 months.
- Key Resistance: $290.50
- Key Support: $243.50
AMD Price Action: Advanced Micro Devices shares were up 2.62% at $291.95 during premarket trading on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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