HSBC AMD

HSBC Downgrades AMD to Reduce, $110 Price Target

January 8, 2025 Analyst: Frank Lee 1 min read Reproduced verbatim
Rating
Sell
from Buy
Target
$110
from $200 (−45%)
Outcome
Reached
on February 7, 2025
HSBC and AMD logos

What the analyst said

HSBC analyst Frank Lee downgraded AMD (NASDAQ: AMD) from Buy to Reduce with a price target of $110 (from $200).

“AMD’s share price has corrected by 24% in the past three months (versus -12% for PHLX Semiconductor index) but we believe there remains further downside.

We see additional downside as we now believe its AI GPU roadmap is less competitive than we previously thought.

Hence, we believe AMD wouldn’t be able to penetrate the AI GPU market as much as we had earlier anticipated.

In particular, we see downside to its 1H25e AI GPU momentum given lukewarm demand for its new MI325 GPU, as we expect to see lower spec HBM3e memory in MI325 due to Samsung’s ongoing struggles with ramping up its higher spec HBM3e.

While we do see AMD launching its MI350 chip in 2H25 as per its roadmap, it is unlikely to have an AI rack solution to compete with Nvidia’s (NVDA US, USD140.14, Buy) NVL rack platform until late 2025 or early 2026 when we expect its MI400 launch.”

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Where the price stands

AMD trades at $529. The 26 analysts who set a target in the last 3 months range from $465 to $1,250, with a median of $680. This $110 target is 84% below the median, the lowest on the Street.

Since the note AMD has moved +315% (from $127). The 12-month window closed on January 8, 2026.

Track record

This call✓ Target reached on February 7, 2025, 30 days after the note.

Firm track recordHSBC: 38% of its 8 targets at least a year old were reached within 12 months (#27 of 28 firms); on AMD, 2 of 2. Accuracy ranking →

HSBC on AMD

HSBC price targets on AMD

5 calls from January 8, 2025 to May 4, 2026. The target went from $110 to $340 (+209%). The rating moved from Sell to Hold.

HSBC targetAMD share price
  1. May 4, 2026Kept the $340 targetHold$340
  2. May 4, 2026Downgraded to Hold, target raised from $200 (+70%)Hold$340
  3. July 10, 2025Upgraded to Buy, target raised from $110 (+82%)Buy$200
  4. May 27, 2025Upgraded to HoldHoldNo target
  5. January 8, 2025 This noteEarliest call shownSell$110
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Other analysts on AMD

MizuhoBuy Raised price target +22%, kept rating · Oct 6 $705from $580 CitiBuy Raised price target +39%, kept rating · Oct 6 $800from $575 StifelBuy Raised price target +10%, kept rating · Oct 5 $700from $635 CantorBuy Kept rating and price target · Oct 5 $700maintained RosenblattBuy Kept rating and price target · Sep 29 $700maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.