Wells Fargo Raises AMD Price Target to $615, Boosts 2026–28 CPU Revenue and EPS
AMD•Fargo lifted AMD’s target to $615 from $505 and raised server CPU projections to $16 billion in 2026, $20.5 billion in 2027 and $25 billion in 2028 while boosting EPS forecasts to $7.15, $13.40 and $18.75. AMD is ramping 2 nm EPYC Venice servers in H2 2026 and sees a $120 billion CPU market by 2030.
1. Price Target Increase
Wells Fargo raised its price target on AMD to $615 from $505, maintaining an Overweight rating and valuing the stock at 33 times projected 2028 earnings based on sustained data center chip demand.
2. Forecast Upgrades
The brokerage boosted server CPU revenue forecasts to $16 billion in 2026, $20.5 billion in 2027 and $25 billion in 2028, while raising EPS estimates to $7.15, $13.40 and $18.75 for those years.
3. EPYC Venice Production Ramp
AMD has begun ramping production of its 2-nanometer EPYC Venice server processors, with broader volume slated for the second half of 2026 to meet accelerating cloud and enterprise needs.
4. AI Infrastructure Investments
AMD expanded its AI infrastructure presence by acquiring memory optimization firm MEXT and investing in cloud startup TensorWave, aiming to strengthen its AI compute and memory solution offerings.
