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AMD Stock Rallies as Wells Fargo Heaps Praise on the Chipmaker
Advanced Micro Devices AMD +2.99% ▲ stock rallied on Wednesday after the chipmaker was added to Wells Fargo’s Q2 Tactical Ideas List. The firm expects a positive setup into AMD’s Q1 results, which are expected on May 5, 2026. Wells Fargo’s high expectations for AMD are due to strong EPYC server CPU demand and additional AI GPU announcements.
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Wells Fargo also argued that AMD has more positive catalysts on the horizon, including the Accelerating AI event set for July. Major AI announcements are expected during this event, which could boost AMD stock. It’s also likely that the company will have its own news and potential reveals that could cause AMD stock to rally.
Wells Fargo also reiterated its bullish stance on AMD stock today. Five-star analyst Aaron Rakers holds a Buy rating and a $345 price target for AMD, suggesting a possible 65.48% upside for the shares. Today’s news builds on recent hopeful analyst coverage of AMD, which included an upgrade from a top analyst earlier this week.
AMD Stock Movement Today
AMD stock was up 3.01% on Wednesday but was still down 2.2% year-to-date. Even so, the stock has rallied 97.58% over the past 12 months.
One possible catalyst for AMD stock today comes from reports that the chipmaker has agreed to acquire rival Intel INTC +6.44% ▲ . However, traders will remember that today is April Fools’ Day. The _TechSpot _article behind this prank has trended online, which could be having an effect on AMD stock. To be clear, there is no credible news that AMD is buying Intel.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Moderate Buy, based on 21 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $285.16, representing a potential 35.95% upside for the shares.
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