What the analyst said
KeyBanc analyst John Vinh upgraded AMD (NASDAQ: AMD) from Sector Weight to Overweight with a price target of $270.00.
“We had previously downgraded AMD to SW on 4/7/25, as we were increasingly concerned there would be an air pocket in demand between MI355 and the launch of its rack-scale Helios platform with MI455, which isn’t expected to ramp into volume until late 2026.
However, a number of factors have led us to revisit our rating, including: Our supply chain checks indicate the recent surge in hyperscaler demand has led to AMD to almost being completely sold out of server CPU in 2026 and is potentially considering a price increase of 10-15% in 1Q26.
We estimate server CPU for AMD will grow at least 50% this year.
Regarding AI GPUs, we’re seeing indications of 200K MI355 GPUs in the 1H and a significant ramp of MI455 in the 2H, of which 290K-300K is targeted for its rack scale solution Helios.
It remains unclear how many racks AMD will be able to ship; similar to NVDA, we expect AMD to rev rec significant amounts of MI455/Helios revenues as it sells in its components to its ODM partner ZT systems.
We estimate that this will support AI revenues this year in the range of $14B-$15B.”
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Where the price stands
AMD trades at $490. The 23 analysts who set a target in the last 3 months range from $510 to $800, with a median of $685. This $270 target is 61% below the median, the lowest on the Street.
Since the note AMD has moved +136% (from $208). 12-month window: day 294 of 365, closes on January 13, 2027.
Track record
This call✓ Target reached on April 16, 2026, 3 months after the note. Same target as this firm’s January 13, 2026 note, so it is scored there.
Firm track recordKeyBanc: 79% of its 24 targets at least a year old were reached within 12 months (#12 of 26 firms); on AMD, 2 of 2. Accuracy ranking →
KeyBanc on AMD
KeyBanc price targets on AMD
8 calls from February 5, 2025 to February 4, 2026. The target went from $140 to $300 (+114%). The rating stayed Buy.
- February 4, 2026Target raised from $270 (+11%)Buy$300
- January 13, 2026Kept the $270 targetBuy$270
- January 13, 2026 This noteUpgraded to Buy, target raised from $140 (+93%)Buy$270
- November 5, 2025Rating only, no price targetHoldNo target
- July 8, 2025Rating only, no price targetHoldNo target
- May 7, 2025Rating only, no price targetHoldNo target
- April 8, 2025Downgraded to HoldHoldNo target
- February 5, 2025Earliest call shownBuy$140
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