What the analyst said
UBS analyst Timothy Arcuri reiterated a Buy rating and $265 price target on AMD (NASDAQ: AMD).
“Much like INTC, we see an upside bias for FQ3 with results likely skewed toward the $9B high-end of guidance.
We see strength driven by both server and client CPU – with server strength potentially fueling some upside to gross margin – and model data center GPU revenue of ~$1.7B.
For FQ4, we remain comfortable with our ~$9.3B estimate (~ $200MM higher than Street) but could see how AMD could guide as high as $9.5B – again driven by renewed server upgrade activity and some spillover from AI into traditional compute infrastructure as the industry embarks on new strategies to prepare for more AI processing in the data processing market.
AMD’s client business should also be flat to up, better than normal seasonal.
We model FQ4 data center GPU revenue of ~$2.4B – a ~$700MM step up from FQ3 owing to the ramp of MI355x (META, OCI, etc.).
To the extent that AMD comments on FQ1:26 (March), it is typically down slightly due to normal seasonality and the same will likely be the case this year – especially given our checks on MI355x, which generally suggest that many customers seem to be waiting for MI455 racks next year.
Having said this, we do expect AMD to voice a very bullish multi- year outlook for its data center GPU business.”
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Where the price stands
AMD trades at $486. 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 +92% (from $253). The 12-month window closed on October 27, 2026.
Track record
This call✓ Target reached on April 16, 2026, 6 months after the note. Same target as this firm’s October 7, 2025 note, so it is scored there.
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, 2025 This noteKept the $265 targetBuy$265
- October 7, 2025Target 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