On behalf of Advanced Micro Devices, Inc. (NASDAQ: AMD) The stock rose to a new all-time high (ATH), said Wells Fargo & Co. analyst Aaron Ruckers. (NYSE: WFC), indicated another bullish outlook over the next 12 months.
Rakers raised its price target on AMD stock to $615 from $505, representing a 21.8% increase, while maintaining an “overweight” rating, according to a note to customers analyzed by Finbold on June 30.
The higher target for AMD stock price forecasts was driven by strong demand and stronger-than-expected pricing in Advanced Micro Devices’ EPYC server CPU business. As such, Rackers He grew up Its earnings per share (EPS) estimates for calendar years 2027 (CY27) and 2028 (CY28) come to $13.40 and $18.75, respectively.
Furthermore, he expressed greater confidence in the company’s ability to deliver earnings exceeding $20 per share by calendar year 2028. The analyst highlighted the successful production ramp for AMD’s 6th generation 2nm EPYC Venice server CPUs, which began in late May 2026, along with continued strength in data center GPU revenues.
As a result, Rakers expects AMD server CPU revenue to reach $25.0 billion in ’28, representing a 22% year-over-year increase. Although he acknowledged increasing competition from Arm Holdings (NASDAQ: arm) and NVIDIA Corp. (Nasdaq: NVDA), Rakers remains bullish on AMD stock.
He pointed to the company’s expanding competitive lead in high-core-count server CPUs and strong long-term tailwinds from building out AI infrastructure.
AMD stock price forecast
Amid the bullish rating for Advanced Micro Devices stock, investors continued to bet on rising prices. Furthermore, AMD stock is up over 153% year to date, trading at roughly $565.51 at press time.
As such, Rakers suggests that Advanced Micro Devices’ stock price could rise approximately 23.8% over the next 12 months from its current level.
