AMD price target lowered to $120 from $140 at Wells Fargo

Wells Fargo analyst Aaron Rakers lowered the firm’s price target on AMD (AMD) to $120 from $140 and keeps an Overweight rating on the shares ahead of Q1 results. The firm maintains below Street estimates, but sees shares now discounting less than $5/share. Wells sees 2026 EPS downside, and expects focus to be on tariff-induced first half of 2025 demand pull-in. The firm has a cautious outlook given tariff/macro uncertainty.