Wells Fargo analyst Aaron Rakers raised his price target on Advanced Micro Devices (AMD) stock to $615 per share on Tuesday. This adjustment has resulted in a 4.2% jump in Intel (NASDAQ: INTC) stock by 11 a.m. ET, despite Rakers not directly mentioning Intel in his note. AMD shares increased by only 3.6%.
Rakers forecasts substantial growth in the CPU market as demand shifts from GPUs to CPUs for AI applications, predicting a 68% increase in CPU revenue by 2026. Meanwhile, he expects AMD’s GPU business to generate $15.6 billion this year, growing to $63 billion by 2028. The emphasis on CPUs could bode well for Intel as well, given the competitive landscape in the semiconductor industry.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
