What the analyst said
Bernstein SocGen Group analyst Stacy Rasgon reiterated a Market Perform rating and $200 price target on AMD (NASDAQ: AMD).
“Overall amid reasonably high expectations we believe the company’s day went well, with management setting 3-5 year targets that appear simultaneously somewhat aggressive/aspirational, but also not necessarily outside the realm of possibility if one wants to dream, with total revenue growth seen at 35%+ and $20+ in EPS sometime before the end of the decade.On the AI side management sees a ~$1T AI silicon TAM (GPU, CPU, networking) by 2030, with the company growing their own AI GPU business at an 80% CAGR, reaching “double-digit” share and suggesting >$100B in targeted AI GPU sales by 2030.
While they did not announce any new customer partnerships beyond what has already been disclosed (OpenAI, Oracle, Meta, US Government) they did (once again) suggest the presence of additional multi-GW customer engagements (we shall see).
And we believe long term gross margin outlook (seen at 55-58%) even amid the sizable forecasted GPU ramp was probably better than expected (suggesting they think they can get AI margins into a bit better place over time).
On the non-GPU side they see their current share trajectory continuing, targeting >50% server CPU revenue share (amid a market they believe will inflect) and >40% client share; should they execute it probably does add further to their (at least for now larger) CPU competitor.”
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Where the price stands
AMD trades at $484. The 15 analysts who set a target in the last 3 months range from $510 to $800, with a median of $700. This $200 target is 71% below the median, the lowest on the Street.
Since the note AMD has moved +104% (from $238). 12-month window: day 357 of 365, closes on November 12, 2026.
Track record
This call✓ Target reached on December 17, 2025, 2 months after the note. Same target as this firm’s October 7, 2025 note, so it is scored there.
Firm track recordBernstein: 79% of its 24 targets at least a year old were reached within 12 months (#14 of 26 firms); on AMD, 2 of 2. Accuracy ranking →
Bernstein on AMD
Bernstein price targets on AMD
8 calls from April 22, 2025 to February 4, 2026. The target went from $95 to $235 (+147%). The rating stayed Hold.
- February 4, 2026Target raised from $225 (+4%)Hold$235
- January 21, 2026Target raised from $200 (+13%)Hold$225
- November 12, 2025 This noteKept the $200 targetHold$200
- October 20, 2025Kept the $200 targetHold$200
- October 7, 2025Target raised from $95 (+111%)Hold$200
- June 13, 2025Kept the $95 targetHold$95
- May 7, 2025Kept the $95 targetHold$95
- April 22, 2025Earliest call shownHold$95
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