What the analyst said
UBS analyst Timothy Arcuri raised the price target on AMD (NASDAQ: AMD) to $265 (from $210) while maintaining a Buy rating.
“AMD and OpenAI signed a 6GW deal (5yr agreement/4yrs shipments) that is at least partially funded by AMD stock warrants that align with installation and performance metrics.
For AMD, offering an ownership stake (~10% if OAI didn’t sell along the way) in exchange for this commitment is arguably less attractive than a direct investment (as was the case for NVDA’s OAI deal) but even so, we see this as a major validation of its roadmap that could snowball to other customers.
If we use OAI as a benchmark, AMD will be ~1/3 of merchant GPU deployments (see below) – a bigger share of the market than most investors have been considering.
From the perspective of the AI trade more broadly, it does further perpetuate the circularity dynamic (e.g.
NVDA invests in OAI, OAI invests in AMD) but this deal seems at least partially self-funded via its structure and we are of the mind that the AI trade still has legs given the sheer size of the infrastructure build over the next 3-4yrs.
We raise estimates and PT to $265 and rating remains Buy”
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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 $265 target is 61% below the median, the lowest on the Street.
Since the note AMD has moved +139% (from $204). The 12-month window closed on October 7, 2026.
Track record
This call✓ Target reached on April 16, 2026, 6 months after the note.
Firm track recordUBS: 81% of its 52 targets at least a year old were reached within 12 months (#10 of 26 firms); on AMD, 4 of 4. Accuracy ranking →
UBS on AMD
UBS price targets on AMD
8 calls from February 5, 2025 to November 12, 2025. The target went from $175 to $300 (+71%). The rating stayed Buy.
- November 12, 2025Kept the $300 targetBuy$300
- November 5, 2025Target raised from $265 (+13%)Buy$300
- October 27, 2025Kept the $265 targetBuy$265
- October 7, 2025 This noteTarget raised from $150 (+77%)Buy$265
- June 13, 2025Kept the $150 targetBuy$150
- May 7, 2025Target cut from $155 (−3%)Buy$150
- April 17, 2025Target cut from $175 (−11%)Buy$155
- February 5, 2025Earliest call shownBuy$175
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