Wedbush Rates Advanced Micro Devices (AMD) Outperform
Key Points
- Wedbush reaffirmed its Outperform rating and $600 price target on Advanced Micro Devices on October 20, 2026.
- Wedbush's $600 price target implies 10.32% upside from Advanced Micro Devices, Inc.'s ($AMD) current $543.88 share price.
- Advanced Micro Devices trades near $543.88 with a market capitalization of roughly $878.4 billion and trailing twelve month revenue of $41.3 billion.
- Wall Street maintains a strong buy consensus view on the semiconductor firm ahead of its upcoming earnings report on November 3, 2026.
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Wedbush reaffirmed its Outperform rating and a $600 price target on Advanced Micro Devices, Inc. ticker AMD on October 20, 2026. The firm issued its research note as shares traded near $543.88, matching its previous target of $600.00.
AMD
Advanced Micro Devices, Inc.
Wedbush vs. the S&P 500
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Wedbush's Call on Advanced Micro Devices
On October 20, 2026, Wedbush kept its Outperform rating and $600 price target unchanged for Advanced Micro Devices, Inc.
Other Institutional Activity in Advanced Micro Devices
Other institutional investors have adjusted their portfolios recently. Kmg Fiduciary Partners trimmed its holdings by 6,273 shares, ending with 46,460 shares worth about $28,422,126. Generate Investment Management reduced its stake by 48,947 shares, holding 2,724 shares valued at roughly $1,666,434. Curated Wealth Partners cut its position by 538,657 shares, leaving it with 5,236 shares worth about $3,203,175. Charles Schwab Trust opened a new position with 600 shares valued at approximately $367,056, and Financial Synergies Wealth Advisors acquired a new stake of 340 shares worth about $208,000.
Advanced Micro Devices, Inc. Stock Up 2.9%
Advanced Micro Devices, Inc. shares recently traded around $543.88 on October 20, 2026, compared to an event closing price of $543.21 on that date.
$AMD price target
Advanced Micro Devices, Inc. daily closes and this analyst's $600 target. Not advice.
Recent Earnings
Advanced Micro Devices, Inc. reported trailing twelve month revenue of $41,305,001,984 and earnings per share of $3.92, backed by a net profit margin of 15.6%. The company is scheduled to report its next earnings on November 3, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
21 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 4.8%. Revenue beat estimates by 2.6%.
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Profit surprise
EBITDA missed by 4 percent. Operating income missed by 32 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
3 upgrades, 2 downgrades, 21 target raises.
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Earnings quality
Gross margin up 2.6 points. Operating margin up 3.6 points. Positive free cash flow.
Earnings Call Summary
AMD reported outstanding first quarter results with $10.3 billion in revenue, up 38 percent year over year. Data center revenue surged 57 percent driven by strong demand for EPYC server CPUs and Instinct GPUs. Management emphasized that Agentic AI and inference workloads are driving substantially higher CPU demand than expected, requiring more compute than prior models. Free cash flow nearly tripled to $2.6 billion, and operating margin expanded to 25 percent, showing strong operational leverage as the business scales into AI infrastructure.
Guidance AMD guided next quarter revenue to about $11.2 billion, up 46 percent year over year. Management raised full year data center CPU growth forecast to over 70 percent, driven by strong Agentic AI demand. They also raised the long-term server CPU market size forecast to over $120 billion by 2030, from $60 billion announced in November.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Insider Buying and Selling at Advanced Micro Devices, Inc.
Insiders have completed multiple transactions over the past few months, including Chief Financial Officer Jean X Hu selling 15,000 shares and Chief Executive Officer Lisa T Su selling 95,000 shares. Additionally, EVP & GM Forrest Eugene Norrod sold 17,261 shares on September 15, 2026, followed by another sale of 17,262 shares on October 15, 2026.
Analysts Set New Price Targets
Several research firms have updated their outlooks on the stock prior to this update. On September 29, 2026, StoneX reiterated a Buy rating with a $685 target. Stifel maintained a Buy rating on October 5, 2026, lifting its target to $700 from $635. Citigroup maintained a Buy rating on October 6, 2026, raising its target to $800 from $575, and Mizuho maintained an Outperform rating on October 6, 2026, raising its target to $705 from $580. The stock currently holds a consensus strong buy rating with a mean price target of $627.65 across 51 analyst opinions.
About Advanced Micro Devices
Advanced Micro Devices, Inc. is a Santa Clara, California-based semiconductor company operating across Data Center, Client and Gaming, and Embedded segments. The firm develops high-performance processors and graphics technology used across enterprise and consumer electronics markets worldwide.
Bottom Line
Investors will look toward the upcoming earnings report on November 3, 2026, for further insight into the semiconductor maker's financial trajectory. Market participants continue to track institutional portfolio adjustments and evolving analyst sentiment across the technology sector.
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Source: Wedbush's rating change on $AMD (Oct 20, 2026). Written by software, not financial advice. How we make alerts