UBS Raises AMD Price Target to $300

UBS analyst Timothy Arcuri raised the price target on AMD (NASDAQ: AMD) to $300 (from $265) while maintaining a Buy rating.

“With its first Analyst Day since before ChatGPT taking place next week, there wasn’t likely to be a ton new at earnings to swing the debate – and that was indeed the case.

Set against the rally in shares into this report, we could see a pullback tomorrow.

That said, we would not get cute here ahead of the Analyst Day because AMD probably lays out a path of $15-20 in EPS later this decade and AWS is probably still out there as a catalyst too (more likely at re-Invent in early December, we think).

As for the results, AMD beat (on revenue) and guided above, but there was a little noise with AI GPU seeming like it saw some pull-ins from CQ4 into CQ3 (maybe Oracle?).

AMD dispelled fears that its AI GPU business could see an air pocket in C1H:26 – though it still maintains that GPU will be 2H loaded due to the OpenAI ramp.

Investors are mostly focused on the AI GPU opportunity, but agentic AI is driving a strong refresh of traditional compute (server) infrastructure – we estimate this will be >35% of EPS in ’26 for AMD as it is the primary beneficiary given INTC’s lack of a real roadmap.”

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