Wells Fargo Just Raised Its Target Price on Advanced Micro Devices (AMD) Stock

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Advanced Micro Devices (NASDAQ:AMD) were in the news on Thursday after Wells Fargo raised its target price on the semiconductor company’s shares.

Wells Fargo analyst Aaron Rakers is behind the price target change for AMD stock. That has led him to raise his estimate for the company from $190 per share to $205 per share. That’s a potential 11.4% increase from the previous closing price. It’s also above the analyst consensus of $190.50 per share.

Rakers continues to maintain an “overweight” rating on AMD stock alongside that price growth forecast. In comparison, the analyst consensus is a Moderate Buy based on 30 reviews.

What’s Behind the New AMD Stock Report?

AMD’s new stock price target comes after the company announced its acquisition of Silo AI. Here’s what a Wells Fargo analyst had to say about it in a note obtained by Investing.com:

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

AMD shares fell slightly Thursday morning. However, the stock is still up 31.6% year to date.

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As of the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are the author’s own, subject to InvestorPlace.com Publication Guidelines.

At the date of publication, the editor in charge held a long-standing position at AMD.

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