Wells Fargo analyst Aaron Rakers raised the firm’s price target on AMD to $120 from $100 and keeps an Overweight rating on the shares. The analyst sees “sustainable” re-rating potential for semiconductor stocks in 2021 amid “broadening” secular growth drivers. Rakers calls Micron Technology (MU) his top pick for 2021 and AMD and Nvidia (NVDA) “secular growth longs.” The analyst sees a “deepening positive thesis” in DRAM into 2021 driven by the server CPU cycle, 5G content expansion, new game console cycle and the increasing importance of memory in computer architectures.