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Not long ago, Advanced Micro Devices (NASDAQ:AMD) released the company’s second-quarter 2022 results. As it turned out, the chipmaker posted beats on both the top and bottom lines. Moreover, AMD stock earned some ambitious price targets from Wall Street experts.

Consequently, Advanced Micro Devices’ shareholders could potentially be in a good position to profit if they hold the stock for the long term.

This hasn’t been an easy year for microprocessor manufacturers to make money. For Advanced Micro Devices, in particular, a major concern is that the demand for personal computers (or PCs) might be slowing.

Has Advanced Micro Devices been able to overcome this potential problem and deliver Street-beating results? The answer, as usual, lies within the data. Besides, it’s a good sign when a prominent analyst literally talks about backing up the truck – something you probably won’t hear every day on Wall Street.

AMD Advanced Micro Devices $100.93

What’s Happening with AMD Stock?

Before Advanced Micro Devices released its second-quarter 2022 earnings results, AMD stock struggled to regain the key $100 level. Bear in mind, the stock started off the year at $150, so the buyers have some catching up to do.

Yet, there’s no reason why they shouldn’t retake some higher price levels. As we’ll see in a moment, there are analysts who expect to see some upward movement in the Advanced Micro Devices share price.

They’re optimistic because Advanced Micro Devices delivered positive surprises in its most recently reported quarterly results. After all, even the staunchest skeptics can’t argue with the hard data.

As it turned out, Advanced Micro Devices reported Q2 2022 revenue of $6.55 billion, which beat the analyst consensus estimate of $6.53 billion. Moreover, the company’s adjusted earnings per share, or EPS, of $1.05 exceeded the consensus forecast of $1.03.

It Might Be Time to Back the Truck Up

Ultimately, it appears as if Advanced Micro Devices was able to overcome concerns about PC-market weakness and even post a company-record quarterly operating cash flow in excess of $1 billion.

What’s next for AMD stock, then?

Rosenblatt analyst Han Mosesmann apparently sees upside potential for the shares, as he recently issued a “buy” rating on Advanced Micro Devices along with a $200 price target. This would imply a near-doubling of the share price.

“We like the setup going forward,” Mosesmann said. “On potential weakness on macro-PC issues today we would back up the truck as a planetary alignment never seen in Silicon Valley is approaching the x86 world.”

Meanwhile, Bernstein analyst Stacy Rasgon released an “outperform” rating on AMD stock and $135 price target on the shares.

That’s not quite as ambitious as Mosesmann’s price target but still implies upside potential. Despite PC-market concerns, Rasgon assured that the “long-term story still looks really good.”

What You Can Do Now

Could the Advanced Micro Devices share price reach $135 or even $200? There are no guarantees, but the path to higher price points looks clear.

At the very least, AMD stockholders can celebrate the company’s Street-beating quarterly results. PC-industry weakness is a concern, no doubt. Still, Advanced Micro Devices evidently has what it takes to overcome this issue and deliver value to the shareholders.

On the date of publication, Louis Navellier had a long position in AMD.  Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.

The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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