AMD Stock Dips, But Three Analysts Just Raised Their Price Targets

TLDR

• UBS raised its AMD price target to $700 from $670, maintaining a Buy rating ahead of the “Advancing AI” event next week.
• Rosenblatt’s Kevin Cassidy reiterated Buy and raised his target to $665 from $490, calling AMD his “Top Pick.”
• KeyBanc’s John Vinh lifted his target to $725 from $530, also reaffirming Buy.
• UBS sees AMD generating $40B–$50B in GPU revenue in 2027 if it locks in three hyperscale customers.
• Wall Street consensus is Strong Buy, with AMD stock up 147% year-to-date.

Advanced Micro Devices stock dropped 3.5% on Wednesday as a broader semiconductor sell-off dragged the sector lower, with Micron and SanDisk both falling over 8%. The dip came despite a wave of analyst upgrades and price target hikes heading into AMD’s upcoming “Advancing AI” event.

Advanced Micro Devices, Inc., AMD

UBS analyst Timothy Arcuri raised his 12-month price target on AMD to $700, up from $670, while keeping his Buy rating intact. Arcuri pointed to supply chain checks showing stronger AI accelerator demand through 2027 as the key driver behind the upgrade.

UBS expects next week’s event to center on AMD’s technology roadmap rather than financial guidance. The bank is looking for details on the MI450X accelerator, the MI500 GPU family due in 2027, and updates on the Venice and Verano server CPU platforms.

Amazon is expected to be a major customer for the MI450X platform, according to UBS. The bank also flagged Anthropic as a potential adopter, though it cautioned against expecting formal customer announcements at the event.

UBS now forecasts AMD’s 2027 revenue at $83.4 billion, up from $79.2 billion, and raised its 2027 EPS estimate to $14.63 from $13.47. The brokerage believes AMD could hit $40B–$50B in GPU revenue in 2027 if it secures three hyperscale customers deploying over one gigawatt each.

Multiple Analysts Back AMD Ahead of Q2 Earnings

Rosenblatt’s Kevin Cassidy also reiterated his Buy rating and raised his price target sharply — to $665 from $490 — calling AMD his firm’s “top long idea” heading into Q2 earnings on August 4.

Cassidy expects AMD’s EPYC server CPU to post more than 70% year-over-year revenue growth with above-average gross margins. He also sees AMD’s Venice CPU taking the high-end server market lead, with Intel’s rival Diamond Rapids chip delayed.

KeyBanc analyst John Vinh joined the chorus, raising his target to $725 from $530 and reaffirming Buy. Vinh expects server CPU unit growth of 15%–20% in 2026 and over 50% in 2027, with AI GPU revenue hitting $16.8 billion this year and $48.5 billion next year.

AMD’s MI455 and Helios AI offerings are on track for a second-half 2026 ramp, Vinh noted.

What to Expect from Q2 Earnings

Wall Street expects AMD to report adjusted EPS of $1.61 for Q2 2026, a 235% year-over-year jump. Revenue is projected to surge 47% to $11.29 billion.

The consensus on AMD is Strong Buy, backed by 28 Buy ratings and eight Holds. The average price target sits at $538.19, implying modest upside from current levels.

AMD stock has gained 147% year-to-date, even after Wednesday’s 3.5% pullback.

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