Advanced Micro Devices (NASDAQ:AMD) shares inched up on Friday after six consecutive sessions of fall. The stock was up 2.4% at $167.64.
Chip stocks were in the green on Friday after Federal Reserve Chair Jerome Powell signaled the Fed will potentially cut rates in September if data warrants.
AMD’s shares lost 9.5% in the preceding six sessions. On a year-to-date basis, the semiconductor company advanced nearly 35%, compared to the broader market, which rose by 8.3%.
Looking at Seeking Alpha’s quant rating, AMD has a Hold rating with a score of 3.4 out of 5. The company has been graded A for profitability but is dragged down by a D+ grade for valuation. Wall Street analysts have issued a Buy call for the stock.
However, Seeking Alpha analysts have issued a Buy call for AMD with 24 analysts rating it Buy and above. Eight analysts suggest Hold while three recommend Sell.
“By broadening strategic partnerships with key hyperscalers and holding a nice pricing premium as long as it’s possible for the right demand/supply equilibrium, I think that it’s just inevitable that AMD will keep eating away at Nvidia’s GPU market share over time,” pointed out a recent Seeking Alpha analysis.