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Wells Fargo Raises Price Target on Advanced Micro Devices (AMD) Stock

Wells Fargo Raises Price Target on Advanced Micro Devices (AMD) Stock

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advanced micro devices (On NASDAQ:AMD) stock was in the news on Thursday after Wells Fargo raised its price target for shares of the semiconductor company.

Wells Fargo analyst Aaron Rakers is behind the price target change for AMD stock, which raises the company’s estimate from $190 per share $205 per shareThis represents a potential 11.4% upside from the previous closing price and is also above analysts’ consensus price estimate of $190.50 per share.

Despite this increased price forecast, Rakers continues to maintain an “overweight” rating on AMD stock. For comparison, analysts’ consensus rating Moderate purchase based on 30 reviews.

What’s Behind AMD’s New Stock Coverage?

The new price target for AMD stock comes after the company announced its acquisition of Silo AI. Here’s what the Wells Fargo analyst said: I had to say about the subject In a note obtained by Investment.com.

“This acquisition further deepens AMD’s internal AI application and open ecosystem capabilities and complements AMD’s acquisitions of Mipsology and Nod.ai.”

AMD stock was down slightly as of Thursday morning, but the stock is still up 31.6% year to date.

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On the date of publication, William White did not have (directly or indirectly) any positions in the securities mentioned in this article. The views expressed in this article are the author’s opinions and those of InvestorPlace.com. Publishing Guidelines.


Article reprinted from InvestorPlace Media, https://investorplace.com/2024/07/wells-fargo-just-raised-its-price-target-on-advanced-micro-devices-amd-stock/.

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