Wells Fargo Lowers AMD Price Target to $650

Wells Fargo analyst Aaron Rakers lowered the price target on AMD (NASDAQ: AMD) to $650 (from $700) while maintaining an Overweight rating.

“We think AMD’s above-consensus 2027 rev. outlook, driven by a very strong data center ramp, and backed by solid supply chain execution overshadows expected Client weakness & should catalyze shares higher.

Reit OW; PT to $650. Strong 2027 Outlook.

AMD is guiding total 2027 rev growth of >80% y/y (vs prior street +77% y/y), in which we think supports mid-80%+ given segment guide comments (we est +88% y/y). Data Center Strength.

AMD is guiding DC rev +50% q/q (vs our prior +45% q/q; Street +40% q/q) driven by initial Helios & Venice ramp. AMD expects DC rev at >80% of total rev in 2027 – we est ~$80B range.

With server CPU now expected +2x y/y (vs prior +70% y/y), our DC GPU is largely unchanged in ~$44B range.”

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