UBS Affirms Buy on AMD, $300 Price Target

UBS analyst Timothy Arcuri reiterated a Buy rating and $300 price target on AMD (NASDAQ: AMD).

“AMD’s new financial model delivered on the $20+ EPS bogey that we and many investors expected, and equally importantly the near-term commentary on data center GPU also generally supports our ~$10 EPS for C2027E.

Customer commentary was also constructive with AMD again affirming that there will be multiple customers at a similar scale to OpenAI as soon as the MI450 generation in 2H26/1H27.

We do worry a bit that HBM supply could be a risk for AMD and now that this event is out of the way, the only remaining near-term catalyst is an announcement by Amazon at AWS re:Invent in early Dec.

Broadly though, if the company does even a decent fraction of what is laid out today, the stock should keep moving higher over the next 12mos.

Net, our C2026/2027E EPS remains largely unchanged, but given the multi-year confidence, we are walking C2028E EPS higher (up to ~$14 from ~$12 prior).

Our PT uses C2027E as a basis and remains $300, and we continue to rate AMD Buy as a rapidly rising tide should continue to lift this boat.”

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