What the analyst said
Bernstein SocGen Group analyst Stacy Rasgon reiterated a Market Perform rating and $95 price target on AMD (NASDAQ: AMD)
“On the one hand, the fact that AMD can show client/gaming revenues strong enough to paper over the (material) china AI air pocket is impressive.
On the other hand, while the company can deny it all they like the pull-forward narrative is going to have some legs given the sheer magnitude of client upside (especially with their larger competitor clearly calling out the risk) and likely to draw concern as tariff worries build.
In the meantime datacenter GPUs are not really showing much upside even if one ignores the China headwinds, and still require a substantial jump into year-end to make numbers (that have been going lower rather than higher over the last few quarters) work.
And opex continues to move up substantially, with gross margin commentary into the 2H that feels a little uninspiring.Overall the take appears very similar to last quarter, i.e. a big client beat fueling sustainability worries, lukewarm DC/GPU vs expectations, rising spending that limits leverage, and a need for a 2H hockey stick, and now accompanied by larger concerns on the macro front especially into the 2H.”
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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 +393% (from $98.62). The 12-month window closed on May 7, 2026.
Track record
This call✓ Target reached on April 25, 2025, 3 days after the note. Same target as this firm’s April 22, 2025 note, so it is scored there.
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.
- February 4, 2026Target raised from $225 (+4%)Hold$235
- January 21, 2026Target raised from $200 (+13%)Hold$225
- November 12, 2025Kept the $200 targetHold$200
- October 20, 2025Kept the $200 targetHold$200
- October 7, 2025Target raised from $95 (+111%)Hold$200
- June 13, 2025Kept the $95 targetHold$95
- May 7, 2025 This noteKept the $95 targetHold$95
- April 22, 2025Earliest call shownHold$95
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