Wells Fargo Raises AMD Target to $615, Sees $25B CPU Revenue by 2028
AMD•Wells Fargo lifted AMD’s price target to $615 from $505 and raised server CPU revenue forecasts to $16B in 2026, $20.5B in 2027 and $25B in 2028. AMD will ramp 2nm EPYC Venice processors in H2 2026 and sees a $120B server CPU market by 2030.
1. Broker Forecast Hike
Wells Fargo raised its AMD price target to $615 from $505 and maintained an Overweight rating, boosting server CPU revenue projections to $16 billion in 2026, $20.5 billion in 2027 and $25 billion in 2028. The firm also lifted EPS estimates to $7.15 for 2026, $13.40 for 2027 and $18.75 for 2028 based on a 33× multiple of projected 2028 earnings.
2. New EPYC Venice Rollout
AMD is ramping its 2-nanometer EPYC Venice server processors with broader volume shipments expected in the second half of 2026. This rollout aims to address surging datacenter demand for high-performance and energy-efficient computing solutions.
3. Market Expansion and AI Investments
The company increased its server CPU addressable market estimate to $120 billion by 2030 and expanded its AI infrastructure footprint through the acquisition of memory-optimization specialist MEXT and an investment in cloud AI startup TensorWave.
