Although Advanced Micro Devices Inc. (NASDAQ: AMD) stock fell by more than 12% in July, Wall Street analysts expect the company’s shares to rally and reach a new all-time high (ATH) over the next 12 months.
Cody Acree, an analyst at Benchmark, reaffirmed a ‘Buy’ rating for Advanced Micro Devices stock in a note to clients that Finbold analyzed on August 4, 2026. Acree maintained the firm’s 12-month price target for AMD stock at $685, a potential 37.44% upside, as the shares traded at about $498.40 during Tuesday’s pre-market session.
“While the firm continues to recommend the stock with a $685 price target, it believes quarterly results are likely to be largely in line with expectations, making forward guidance the primary catalyst for the shares,” Acree stated.
As Advanced Micro Devices prepares to release its earnings report on Tuesday, this analyst said the company would beat the consensus expectations. Specifically, Acree projected $11.28 billion in revenue and non-GAAP Earnings Per Share (EPS) of $1.63 for this company, compared with Wall Street expectations of $11.306 billion and $1.62, respectively.
For the third quarter, the firm forecasts Advanced Micro Devices to report $12.487 billion in revenue and EPS of $1.87, versus consensus estimates of $12.528 billion and $1.88, respectively.
Advanced Micro Devices stock outlook
Despite AMD stock plunging 12.21% over the past 30 days, closing Monday trading at $484.64, Wall Street experts forecast bullish continuation over the next 12 months. Furthermore, 34 analysts surveyed by TipRanks have set an average 12-month price target of $589.72, signaling a potential 18.32% upside from pre-market value.
As such, Wall Street analysts suggest that last month’s sell-off in Advanced Micro Devices stock could be viewed as a correction in a macro bull market, fueled by the AI (Artificial Intelligence) boom, over the long term.
