UBS Keeps Buy on AMD, $150 Price Target

UBS analyst Timothy Acuri reiterated a Buy rating and $150 price target on AMD (NASDAQ: AMD).

“AMD’s AI event was largely in-line w/expectations – sovereign is a huge opportunity, AMZN is a new customer (we think), and the only “real” surprise being Sam Altman/OpenAI’s appearance at the event.

The primary focus was the launch of MI355X, but AMD did commit to at least some variant of MI400 being launched by mid-2026.

Market commentary was largely unchanged, but AMD rightly highlighted the size and faster growth of the inference market – well aligned with its structural advantages in HBM memory bandwidth.

This advantage will extend to its MI400 rack-scale product (now called “Helios”) which will offer 1.5x more HBM4 capacity and bandwidth (both critical to inference performance) than NVDA’s Vera Rubin “Oberon” system – looking like both will ship around the same time.

Potentially for the sake of timing, AMD appears to have chosen Ethernet for scaling up inside the rack (positive for AVGO) because, as we have said, it has struggled with its Infinity-Fabric based UALink which we think is not well suited to coherently string together a lot of GPUs.

Ultimately we didn’t hear anything to materially sway the investment debate in either direction, so we would not be surprised to see the market “sell” the event given the recent run-up.”

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