Advanced Micro Devices Inc. (NASDAQ: AMD) just closed out a rough month, but the latest AMD stock forecast from Wall Street tells a very different story about where the chipmaker’s shares could be heading over the next year. Despite a double-digit slide in July, analysts covering the stock are pointing to fresh highs, not further weakness, as the more likely path for AMD over the coming 12 months.
Summary
Key takeaways
- AMD stock fell more than 12% in July and dropped 12.21% over the trailing 30 days, closing Monday at $484.64.
- Benchmark analyst Cody Acree kept a Buy rating and a 12-month price target of $685, implying roughly 37.44% upside from recent trading levels near $498.40.
- Acree expects AMD’s upcoming earnings report to show $11.28 billion in revenue and $1.63 non-GAAP EPS, edging out Wall Street’s consensus.
- For the third quarter, Benchmark forecasts $12.487 billion in revenue and $1.87 EPS, slightly below the Street’s $12.528 billion and $1.88 estimates.
- TipRanks’ average 12-month price target across 34 analysts sits at $589.72, pointing to about 18.32% upside.
AMD Stock Performance and Recent Decline
AMD shares lost more than 12% of their value in July, one of the tougher stretches the chipmaker has faced this year. The stock has continued to slide since then, down 12.21% over the past 30 days and closing Monday’s session at $484.64. By Tuesday’s pre-market session, shares were changing hands around $498.40, a level that puts the stock well off its recent highs but still squarely on Wall Street’s radar heading into earnings.
The timing matters. AMD is set to report results just as investors are trying to figure out whether the semiconductor sector’s broader momentum, fueled by ongoing AI infrastructure spending across the industry, can extend into the back half of the year. That backdrop is part of why analysts have been quick to frame the July pullback as a buying opportunity rather than a warning sign.
Wall Street Analyst Ratings and Price Targets
Benchmark analyst Cody Acree reaffirmed a Buy rating on AMD in a client note reviewed by Finbold on August 4, 2026, keeping his 12-month price target unchanged at $685. That figure implies a potential 37.44% upside from the roughly $498.40 level where shares traded during Tuesday’s pre-market session — a gap wide enough to signal real conviction rather than a marginal adjustment.
“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 wrote.
Acree isn’t alone in his bullish read, though his target sits well above the Street’s broader average. TipRanks data shows 34 analysts tracking AMD have set an average 12-month price target of $589.72, which translates to a roughly 18.32% upside from current pre-market levels. The spread between Benchmark’s $685 call and the $589.72 consensus underscores how much disagreement still exists over just how far this rally could run, even as the broader tone across Wall Street’s AMD rating leans firmly positive.
Earnings Projections and Financial Forecasts
AMD’s next earnings report, due Tuesday, is where much of this optimism will be tested. Acree’s own AMD earnings projection calls for the company to top consensus expectations, with $11.28 billion in revenue and non-GAAP earnings per share of $1.63. That compares with Wall Street’s broader estimates of $11.306 billion in revenue and $1.62 in EPS — a modest but meaningful beat if it plays out as forecast.
Looking further ahead, Benchmark’s third-quarter model is slightly more conservative. The firm projects $12.487 billion in revenue and EPS of $1.87 for the period, trailing consensus estimates of $12.528 billion and $1.88, respectively. It’s a small gap, but one worth watching, since it suggests Benchmark sees near-term results tracking close to expectations rather than blowing past them.
Forward Guidance and Future Catalysts
If quarterly numbers land roughly where analysts expect, the real story won’t be the headline print — it will be what AMD says next. Acree has framed forward guidance as the single biggest driver of where the stock goes from here, a view that reflects how closely investors are watching AMD’s commentary on demand, production capacity and competitive positioning within the broader chip market.
This is where the stakes get real for anyone tracking the Advanced Micro Devices price target conversation. A cautious outlook could keep shares anchored near current levels even if the quarter itself beats forecasts. Conversely, confident guidance on AI-related demand or margin expansion could be the spark that pushes AMD toward the higher end of Wall Street’s price targets, including Benchmark’s $685 call.
For now, the gap between AMD’s recent trading price and the price targets set by both Benchmark and the broader analyst pool leaves plenty of room for the stock to move in either direction. What happens next will likely hinge less on the numbers AMD reports this week and more on the tone it strikes about the months ahead.
FAQ
Why did AMD stock decline more than 12% in July?
The available reporting does not specify the precise reasons behind the July decline, only that AMD shares fell by more than 12% during the month.
What are the key earnings expectations for AMD’s upcoming report?
Benchmark analyst Cody Acree projects $11.28 billion in revenue and $1.63 non-GAAP EPS, which would slightly beat Wall Street’s consensus revenue estimate while roughly matching consensus EPS expectations.
What is the significance of the $685 price target for AMD stock?
The $685 target suggests a potential 37.44% upside from AMD’s recent trading price of about $498.40, and it underpins Benchmark’s continued Buy rating on the stock.
What will likely drive AMD stock price movement going forward?
According to Benchmark’s Cody Acree, forward guidance is expected to be the primary catalyst for AMD shares, since quarterly results themselves are seen as likely to land close to expectations.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
