Bernstein AMD

Bernstein Lowers AMD Price Target to $95

Analyst: Stacy Rasgon 1 min read Reproduced verbatim
Rating
Market Perform
Target
$95
from $125 (−24%)
Outcome
Reached
on April 25, 2025
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What the analyst said

Bernstein SocGen Group analyst Stacy Rasgon lowered the price target on AMD (NASDAQ: AMD) to $95 (from $125) while maintaining a Market Perform rating.

“For AMD we adjust estimates to incorporate our PC changes, but also for the recent China AI accelerator license requirements (bans?) as well as ZT acquisition (~$150M annualized opex) which materially lowers our forward revenue and EPS forecasts.

Unfortunately for AMD the AI story, already somewhat tenuous, is likely to take another material haircut on the back of new China sanctions (note that every $1B is ~25 cents in earnings) and overall remains uncompetitive in our view.

The core PC business appears to be exposed to channel effects (client shipments last quarter were higher than the peak of the COVID bubble already).

Other markets like embedded could see near-term pull-forward but seem exposed to potential macro headwinds which could delay true recovery, and gaming may be heavily tariff-exposed.

And while core market share performance remains solid the threat of a cornered, and hence more aggressive, Intel remains.

With numbers likely moving down materially (we are now close to $3 for the year and still well under $4 even excluding the charge), we remain comfortable on the sidelines. PT to $95, MP.”

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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 $487. The 23 analysts who set a target in the last 3 months range from $510 to $800, with a median of $685. This $95 target is 86% below the median, the lowest on the Street.

Since the note AMD has moved +469% (from $85.56). The 12-month window closed on April 22, 2026.

Track record

This call✓ Target reached on April 25, 2025, 3 days after the note.

Firm track recordBernstein: 79% of its 24 targets at least a year old were reached within 12 months (#13 of 26 firms); on AMD, 2 of 2. Accuracy ranking →

Bernstein on AMD

Bernstein price targets on AMD

8 calls from April 22, 2025 to February 4, 2026. The target went from $95 to $235 (+147%). The rating stayed Hold.

Bernstein targetAMD share price
  1. February 4, 2026Target raised from $225 (+4%)Hold$235
  2. January 21, 2026Target raised from $200 (+13%)Hold$225
  3. November 12, 2025Kept the $200 targetHold$200
  4. October 20, 2025Kept the $200 targetHold$200
  5. October 7, 2025Target raised from $95 (+111%)Hold$200
  6. June 13, 2025Kept the $95 targetHold$95
  7. May 7, 2025Kept the $95 targetHold$95
  8. April 22, 2025 This noteEarliest call shownHold$95
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Other analysts on AMD

Morgan StanleyHold Raised price target +10%, kept rating Nov 2 $510from $465 SusquehannaBuy Raised price target +5%, kept rating Oct 28 $650from $620 Aletheia CapitalBuy Raised price target +14%, kept rating Oct 28 $800from $700 SusquehannaBuy Raised price target +13%, kept rating Oct 21 $620from $550 TD CowenBuy Kept rating and price target Oct 19 $675maintained
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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.