It has been a little over a month since Zenolytics became boisterous about the prospects of AMD moving forward. The first note issued when the stock was trading in the $27 range, put an initial price target of $34 on the stock, seeing a test of that price level as being imminent.
Shortly thereafter, on May 28th, Zenolytics once again went over the bubbling nature of AMD's stock price on the heels of new product announcements by the CEO of AMD at the Computex Conference, reiterating our $34 price target.
The price target was met on June 10th, with a high of $34.30, followed by what has been a 10% plus slide since then.
AMD's weakness in recent weeks has been a sympathy play on the overall weakness in the semiconductor index and the wobbly nature of the markets, in general.
Zenolytics believes that secured footing for the markets should result in leadership qualities to emerge for names that have distinct advantages over their peers. AMD's advancements and advantages in the current semiconductor product cycle have created a natural leadership role for the company that will likely remain intact for the remainder of 2019.
As a result, Zenolytics believes that the current 10% pullback represents a new buying opportunity for AMD following our earlier recommendation to exit at $34.
With the productive nature of the pullback from a technical perspective and the aforementioned fundamental advancements, Zenolytics has a new price target of $41 for AMD over the intermediate term.
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