Advanced Micro Devices (NASDAQ:AMD) stock is in the news Thursday after Wells Fargo increased its price target for the semiconductor company’s shares.
Wells Fargo analyst Aaron Rakers is behind the price target change for AMD stock. This has him increasing the firm’s estimate from $190 per share to $205 per share. That’s a potential 11.4% increase over its prior closing price. It’s also above the analysts’ consensus price prediction of $190.50 per share.
Rakers continues to hold an “overweight” rating for AMD stock alongside this increased price prediction. For comparison, the analysts’ consensus rating is moderate buy based on 30 opinions.
What’s Behind the New AMD 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 had to say about 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 stock is down slightly as of Thursday morning. However, the stock is still up 31.6% since the start of the year.
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On 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 those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
