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AMD (AMD) and Micron (MU) rise after Mizuho price target upgrades
A number of chipmakers, including AMD (AMD) and Qualcomm (QCOM), were making share gains on Monday after Mizuho said that the semiconductor industry was in good shape heading into 2021.
Advanced Micro Devices (AMD), Qualcomm (QCOM) and Micron (MU) were among the chipmakers making modest gains on Monday after Mizuho Securities hiked price targets for key players in the semiconductor industry.
In a bullish note, analyst Vijay Rakesh said that “strong” momentum and favourable fundamental and macroeconomic conditions bode well for chipmakers and the wider sector heading into 2021.
Mizuho followed up its optimistic forecast with a raft of price target upgrades for around 25 companies, many of which went on to rise in Monday’s trading.
AMD had climbed 0.66% by the early afternoon after Mizuho added $9 to a $102 price target, while Micron advanced 2% on a new $85 PT and buy rating.
Broadcom (AVGO), Applied Materials (AMAT), Lam Research (LRCX) and Western Digital (WDC) also rose 1%, 1.1%, 1.2% and 1.3%, respectively, after similar price hikes.
Recent coverage from analysts suggests that investors should keep an eye on semiconductor stocks heading into the new year.
TheStreet’s David Dierking recently noted that semiconductor sales are set to jump 8% in 2021 after rising 5% in 2020.
He added that the chipmakers and the tech sector in general could benefit if the rollout of COVID-19 vaccines goes as planned and triggers an economic recovery.
AstraZeneca (AZN) could play a major role in that rollout, along with Pfizer (PFE) and BioNTech (BNTX), after it was reportedly cleared for its vaccination programme in the UK.
Shares for the British-Swedish pharmaceutical company were trading around 2.5% higher following the promising news on Monday.
In the US, stock markets were nearing record highs after President Donald Trump finally relented and signed a $2.3tn coronavirus relief package.
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