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…