Melius Research AMD

Melius Research Downgrades AMD to Hold, $129 Price Target

January 28, 2025 Analyst: Ben Reitzers 1 min read Reproduced verbatim
Rating
Hold
from Buy
Target
$129
Outcome
Reached
on June 23, 2025
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What the analyst said

Melius analyst Ben Reitzers downgraded AMD (NASDAQ: AMD) from Buy to Hold with a price target of $129.

“We should have done this 10 months ago after an epic run for AMD (up over 40% at one point in 1Q24) – so we better have a reason. Believe it or not, it’s not due to DeepSeek.

We cut numbers already on January 6th on GPU’s and the stock actually went up 3%, so a guide down on disappointing MI300 sales for 2025 is already expected.

We are now more cautious on x86 server and PC as well over the long-term for AMD. The reason?

We think Nvidia is going to increasingly “come for them” in both markets with their Arm-based CPUs that are optimized for “accelerated PCs”.

Also, we are increasingly concerned that custom CPUs and Nvidia CPUs will cannibalize even more of the x86 server market long-term even though AMD’s current chip, Turin, is doing well.

As a result, we are cutting our estimates again and now well below consensus. Our 2-year target is now $129 (was $160).”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

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 $129 target is 81% below the median, the lowest on the Street.

Since the note AMD has moved +360% (from $115). The 12-month window closed on January 28, 2026.

Track record

This call✓ Target reached on June 23, 2025, 5 months after the note.

Firm track recordMelius Research: 80% of its 5 targets at least a year old were reached within 12 months (#19 of 28 firms); on AMD, 3 of 3. Accuracy ranking →

Melius Research on AMD

Melius Research price targets on AMD

5 calls from January 28, 2025 to July 24, 2026. The target went from $129 to $660 (+412%). The rating moved from Hold to Buy.

Melius Research targetAMD share price
  1. July 24, 2026Target raised from $380 (+74%)Buy$660
  2. November 12, 2025Target raised from $175 (+117%)Buy$380
  3. June 23, 2025Upgraded to Buy, target raised from $120 (+46%)Buy$175
  4. February 5, 2025Target cut from $129 (−7%)Hold$120
  5. January 28, 2025 This noteEarliest call shownHold$129
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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.