BofA Reaffirms Buy on AMD, $300 Price Target

BofA Securities analyst Vivek Arya reiterated a Buy rating and $300 price target on AMD (NASDAQ: AMD).

“Maintain Buy, $300 PO after we attended AMD’s 2025 Financial Analyst Day Event in NYC.

As we had previewed (see preview report), AMD provided updates to its AI TAM, long-term financial outlook, and market share expectations in each of the key end markets, but vastly outpaced our expectations in most metrics.

Importantly, AMD now sees total AI silicon TAM of >$1Tn by CY30 – across CPUs, GPUs, NICs, and scale-up networking (though does not include scale-out/switches) – which at a significant doubledigit market share aspiration translates into $100bn+ of annual data center revenue from its current ~$16bn.

While no new major AI customers were named, AMD also clarified it has visibility into new multi-gigawatt customer adoption beginning with the MI450 Series gen (2H26), and we flag the upcoming AWS re:Invent event on Dec 1-5 as a potential catalyst for new announcements.

Besides AI, AMD also expects its core business (Client, Gaming, Embedded) to grow at a strong >10% CAGR over the next 3-5 years on continued share gains and TAM expansion, which combined with AI now yields up to $25-30+ in CY30 EPS power (see Exhibit 1).

Rack-scale execution, GM/opex prudence, and the lack of an effective networking portfolio remain risks, but AMD’s strong AI roadmap and annual product/rack cadence could help it reach its 10%+ AI share target in one of the fastest growing end markets in semis history – AI compute.”

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