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

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

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

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

Wells Fargo analyst Aaron Rakers is behind the price target change on AMD shares, raising the company’s estimate to $205 per share from $190 per share. That’s a potential upside of 11.4% from the previous closing price. It’s also above the analysts’ consensus price forecast of $190.50 per share.

Rakers maintains an “overweight” rating on AMD stock in addition to this increased price forecast. For comparison, the analyst consensus rating is moderate buy based on 30 opinions.

What’s Behind the New AMD Stock Report?

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

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

AMD shares fell slightly Thursday morning. However, the shares are still up 31.6% since the beginning of the year.

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On the date of publication, William White had no (direct or indirect) positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Publication 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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