What the analyst said
Mizuho analyst Vijay Rakesh reiterated an Outperform rating and $205 price target on AMD (NASDAQ: AMD).
“This morning, AMD and OpenAI announced a new deal with AMD providing AMD GPUs to OpenAI across multiple years.
Key takeaways include: 1) The deal to provide support for 6GW of data center capacity across multiple years with AMD seeing potential for $100B+ of incremental AI revenue over the next few years, 2) first 1GW deployment to begin in 2H26E and run on MI450 and Helios racks, but could be challenged with CoWoS and Rubin/ASIC ramps, and 3) AMD agrees to issue OpenAI 160M shares of AMD stock (~10% stake) as part of the deal, with shares vesting upon achievement of various project milestones and AMD stock reaching specified targets ($600/shr for first tranche).
We reiterate AMD as Outperform with a $205PT as we see this deal as a strong near-term support of its Instinct roadmap but NVDA remains the leader.”
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Where the price stands
AMD trades at $489. The 29 analysts who set a target in the last 3 months range from $540 to $1,250, with a median of $650. This $205 target is 68% below the median, the lowest on the Street.
Since the note AMD has moved +140% (from $204). The 12-month window closed on October 7, 2026.
Track record
This call✓ Target reached on October 7, 2025, 0 days after the note.
Firm track recordMizuho: 88% of its 69 targets at least a year old were reached within 12 months (#2 of 26 firms); on AMD, 9 of 9. Accuracy ranking →
Mizuho on AMD
Mizuho price targets on AMD
8 calls from May 7, 2025 to November 12, 2025. The target went from $117 to $285 (+144%). The rating stayed Buy.
- November 12, 2025Target raised from $275 (+4%)Buy$285
- October 13, 2025Target raised from $205 (+34%)Buy$275
- October 7, 2025 This noteTarget raised from $175 (+17%)Buy$205
- July 15, 2025Target raised from $152 (+15%)Buy$175
- July 2, 2025Target raised from $135 (+13%)Buy$152
- May 19, 2025Kept the $135 targetBuy$135
- May 16, 2025Target raised from $117 (+15%)Buy$135
- May 7, 2025Earliest call shownBuy$117
Other analysts on AMD
StoneXBuy
Kept rating and price target · Nov 4
$685maintained
DA DavidsonBuy
Raised price target +9%, kept rating · Nov 4
$600from $550
TD CowenBuy
Kept rating and price target · Nov 4
$675maintained
RBC CapitalHold
Kept rating and price target · Nov 4
$540maintained
Wolfe ResearchBuy
Kept rating and price target · Nov 4
$650maintained