What the analyst said
Cantor Fitzgerald analyst C.J.
Muse reiterated an Overweight rating and $135 price target on AMD (NASDAQ: AMD).
“As for the good news, AMD offered a modest beat and raise for the December/March Qs vs. buyside expectations for a modest miss.
We note Client was the main contributor here (growing 23% Q/Q), enabling overall Client to grow a very healthy 52% in CY24 (can you say x86 share gains??).
On the other hand, Data Center results ($3.86B vs cons $4.1B) and guide ($3.6B vs cons $3.9B) disappointed with mgmt. discussing DC GPU tracking similarly in 1HCY25 to 2HCY24 – which we model at $3.4B.
The good news – mgmt. pulled in the MI350 ramp to mid-2025 vs prior 2HCY25 due to better-than-expected demand and positive customer feedback (with sampling commencing this quarter) and highlighted expectations for total DC GPU revenues to exit CY25 at a solid growth rate vs the CY24 exit rate.
The bad news, we believe this commentary is more in line with our Instinct revenue estimate of $7B for all of CY25 (vs. consensus of total DC growing by $5.9B, suggesting DC CPU growing unlikely 50+%).
Bigger picture, mgmt. is guiding Opex +15-16% Y/Y with a vision for total revenues to grow at a faster rate.
We now model CY25 revenues growing by +21%, below consensus coming in at +24%, but clearly better than our prior estimate of +14%.
Thus, street estimates should come down – we now model EPS of $4.50 for CY25 vs. consensus of $4.88, but we still model accelerated EPS growth into CY26 of $6.00.
Thus, no change to our price target of $135 (equates to 30x/23x CY25/26 EPS estimate). With shares indicated at ~$110 in the after-market and showing 20+% upside, we reiterate our Overweight rating.
Key catalyst – more color on MI350/400 roadmaps and ability for AMD to attain Lisa’s stated “Tens of Billions” in Accelerator revenue in the next few years.”
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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 $135 target is 80% below the median, the lowest on the Street.
Since the note AMD has moved +342% (from $120). The 12-month window closed on February 5, 2026.
Track record
This call✓ Target reached on June 24, 2025, 5 months after the note.
Firm track recordCantor: 86% of its 28 targets at least a year old were reached within 12 months (#12 of 28 firms); on AMD, 3 of 3. Accuracy ranking →
Cantor on AMD
Cantor price targets on AMD
8 calls from February 5, 2025 to February 2, 2026. The target went from $135 to $350 (+159%). The rating stayed Buy.
- February 2, 2026Target raised from $300 (+17%)Buy$350
- December 16, 2025Target cut from $350 (−14%)Buy$300
- November 12, 2025Kept the $350 targetBuy$350
- November 5, 2025Target raised from $140 (+150%)Buy$350
- June 13, 2025Kept the $140 targetBuy$140
- June 9, 2025Target raised from $120 (+17%)Buy$140
- May 7, 2025Target cut from $135 (−11%)Buy$120
- February 5, 2025 This noteEarliest call shownBuy$135
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
RosenblattBuy
Kept rating and price target · Sep 29
$700maintained
Bank of AmericaBuy
Raised price target +16%, kept rating · Sep 25
$720from $620