Wells Fargo just bumped its price target on Advanced Micro Devices to $615, up from $505. For those keeping score at home, that’s the second significant raise from the same analyst team in a matter of months, and it tells a pretty clear story about where Wall Street thinks the AI chip race is heading.
Analyst Aaron Rakers, who has been leading Wells Fargo’s AMD coverage, continues to affirm an Overweight rating on the stock.
A pattern of escalating bullishness
This isn’t Rakers’ first rodeo with AMD upgrades. He raised the target from $345 to $505 back in May 2026, which itself followed an earlier bump to $345 in January 2026. The trajectory here is striking. In roughly six months, Wells Fargo’s price target has nearly doubled from $345 to $615.
The driving force behind these upgrades is AMD’s positioning in two critical markets: data center CPUs and GPUs. Both segments are experiencing demand that can only be described as voracious, largely because every major tech company on the planet is racing to build out AI infrastructure.
