What the analyst said
Baird analyst Tristan Gerra reiterated an Outperform rating and $140 price target on AMD (NASDAQ: AMD).
“AMD hosted its Accelerating AI event today.
Key takeaways: Management raised its AI accelerator TAM to over $500 billion by 2028, up from AMD’s previous estimate of $500 billion by 2028, representing over 60% CAGR.
AMD expects the inferencing market to grow above an 80% CAGR during this time.
Notable AMD partners presenting at this event included Meta, OpenAI, xAI, Oracle, Microsoft, HUMAIN, Red Hat, Astera Labs, and Marvell.
MI350 series launched today and will be available in 3Q25.
MI355x is based on 4th gen Instinct architecture, delivering a 4x increase in AI compute and a 35x increase in inferencing, available in both air and liquid cooled platforms.
AMD’s Helios AI rack will deliver another 10x improvement over the MI350 series, combining the MI400 series GPUs, Zen-6 based Venice CPUs, and Vulcano NICs. This platform is expected to launch in 2026.
AMD previewed its next gen AI rack ramping in 2027, utilizing Verano CPUs, MI500 series GPUs, and Vulcano NICs.
AMD launched ROCm 7, offering an average of 3.5x and 3x performance improvement on inference and training, respectively, compared with ROCm 6.
The company also announced the AMD Developer Cloud, providing users access to a fully managed cloud environment. Outperform-rated.”
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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 $140 target is 80% below the median, the lowest on the Street.
Since the note AMD has moved +302% (from $121). The 12-month window closed on June 12, 2026.
Track record
This call✓ Target reached on June 25, 2025, 2 months after the note. Same target as this firm’s May 7, 2025 note, so it is scored there.
Firm track recordBaird: 90% of its 29 targets at least a year old were reached within 12 months (#1 of 26 firms); on AMD, 2 of 2. Accuracy ranking →
Baird on AMD
Baird price targets on AMD
6 calls from May 7, 2025 to July 24, 2026. The target went from $140 to $1,250 (+793%). The rating stayed Buy.
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