AMD share price: where next after hitting a record high to kick off 2020?

The US-based chip maker kicked off the new year in style, with its share price breaking its dot-com era record high, with the stock capable of climbing even higher in 2020.

Advanced Micro Devices (AMD) kicked off 2020 by breaking through its dot-com era record set back on June 21 2000, with it closing 7% higher to $49.10 a share on Thursday last week.

Over the last two years, AMD has come out on top as the S&P 500’s best performing stock, with its strong start to 2020 putting it in good stead to top the index for a third consecutive year.

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Instinet upgrades share price outlook for AMD

Analyst David Wong from Instinet believes the stock has the potential to soar this year, reiterating his ‘buy’ rating for the stock in January and upgrading his price target from $40 to $58 a share.

Based on AMD trading at $48.39 a share as of 14:15 GMT on Tuesday, Instinet believes the stock has a potential upside of 19.85%.

‘We expect AMD to continue strengthening its competitive position in 2020 through a steady stream of new product introductions on 7nm and 7nm+ technologies, continuing market-share gains, ASP increases, revenue growth and increasing operating leverage,’ Wong wrote in a note to investors.

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