Mizuho Lowers AMD Price Target to $275
Mizuho analyst Vijay Rakesh lowered the price target on AMD (NASDAQ: AMD) to $275.00 (from $285.00) while maintaining a Outperform rating.
“AMD reported a mostly inline DecQ and MarQ slightly above cons to $9.8B (cons $9.4B).
Key highlights: 1) AMD guided MarQ DC up q/q (cons. $5.1B, our est $5.5B), sees DC (AI/Server) growing 60% CAGR next 3-5yrs with OAI and Helios/MI450/500; 2) AMD noting Server EPYC ramping with new Venice CPU on-track for 2H26E, 3) 2026 PC TAM expected down slightly with memory component price inflation, sub-seasonal 2H26E expected, 3) Gaming guided down q/q, with near-term OPEX higher.
While AMD had good execution, AMD is off ~7% in AH, with high expectations and higher Opex levels as AMD spends on AI HW/SW roadmap development into 2H26E.
We continue to see AI/hyperscaler DC CAPEX grow 35%+ y/y in 2026E, Maintaining Outperform, adjusting estimates and PT to $275 from $285.”
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