Morgan Stanley AMD

Morgan Stanley Raises AMD Price Target to $246

Analyst: Joseph Moore 1 min read Reproduced verbatim
Rating
Equalweight
Target
$246
from $168 (+46%)
Outcome
Reached
on October 24, 2025
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What the analyst said

Morgan Stanley analyst Joseph Moore raised the price target on AMD (NASDAQ: AMD) to $246 (from $168) while maintaining an Equalweight rating.

“In light of this news we are raising our CY27 datacenter GPU estimates from $13bn to $20bn, in line with management’s commentary for 10s of billions of annual AI datacenter revenue in that timeframe.

That brings our CY27 revenue/non-gaap eps/ MW EPS up from $44.2bn/$6.74/$6.11 to $51.2bn/$8.82/$8.20. As far as our PT, we had valued AMD at 30x CY26 MW EPS of $5.59, or 27x nongaap.

We are rolling that to 2027, and keeping the multiple unchanged at 30x our new MW EPS of $8.20, which brings the PT to $246.

That’s still about 27x nongaap, roughly in-line with where large cap AI peers NVDA (25x) and AVGO (27x) are currently trading on 2027 consensus estimates.

While our base case multiple remains unchanged, we are taking up the bull case to 40x, implying a premium valuation vs peers assuming AMD can show they are making larger strides in closing the gap on customer traction in AI as well as our conservatism on some of the larger numbers in AI overall discussed above.”

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Where the price stands

AMD trades at $485. The 25 analysts who set a target in the last 3 months range from $510 to $1,250, with a median of $675. This $246 target is 64% below the median, the lowest on the Street.

Since the note AMD has moved +138% (from $204). The 12-month window closed on October 7, 2026.

Track record

This call✓ Target reached on October 24, 2025, 17 days after the note.

Firm track recordMorgan Stanley: 81% of its 48 targets at least a year old were reached within 12 months (#9 of 26 firms); on AMD, 3 of 3. Accuracy ranking →

Morgan Stanley on AMD

Morgan Stanley price targets on AMD

8 calls from February 4, 2025 to August 5, 2026. The target went from $147 to $465 (+216%). The rating stayed Hold.

Morgan Stanley targetAMD share price
  1. August 5, 2026Target raised from $360 (+29%)$465
  2. May 4, 2026Target raised from $255 (+41%)$360
  3. February 4, 2026Target cut from $260 (−2%)$255
  4. November 12, 2025Kept the $260 targetHold$260
  5. November 5, 2025Target raised from $246 (+6%)Hold$260
  6. October 7, 2025 This noteTarget raised from $121 (+103%)Hold$246
  7. May 7, 2025Target cut from $147 (−18%)Hold$121
  8. February 4, 2025Earliest call shownHold$147
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Other analysts on AMD

JP MorganHold Raised price target +5%, kept rating Nov 4 $575from $550 Piper SandlerBuy Raised price target +8%, kept rating Nov 4 $650from $600 UBSBuy Cut price target −4%, kept rating Nov 4 $700from $730 Melius ResearchBuy Raised price target +8%, kept rating Nov 4 $650from $600 SusquehannaBuy Kept rating and price target Nov 4 $650maintained
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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.