AMD price target raised to $120 from $100 at Bernstein

Bernstein analyst Stacy Rasgon raised the firm’s price target on AMD to $120 from $100 and keeps a Market Perform rating on the shares. The analyst says 2024 for the semiconductors and semicap equipment space will “interesting.” It seems likely to reflect a return to growth, with consensus estimates for most companies reflecting higher revenues, in some cases materially so, the analyst tells investors in a research note. However, the stocks themselves already appear to anticipate this, contends Bernstein.