Evercore ISI Raises AMD Price Target to $328

Evercore ISI analyst Mark Lipacis raised the price target on AMD (NASDAQ: AMD) to $328.00 (from $283.00) while maintaining a Outperform rating.

“Buyers of Weakness.

We reiterate our Outperform rating and are buyers of AMD shares post-earnings with shares 8% lower AH despite beat/raise as ex-China EPS in DecQ and implied for MarQ are estimated to be slightly below Street estimates coming into the print.

We are encouraged by 1) mgmt. conviction that DC revs can grow >60% in 2026, 2) GPU ex-China revs increasing ~20% QQ in DecQ and implied up LDD% QQ in MarQ despite upcoming Helios ramp in 2H26 indicating strong engagement, 3) 8 of top 10 AI companies cited to be using AMD GPUs, 4) purchase commitments expected to increase significantly each quarter throughout 2026 indicating good visibility, 5) Mi400 series targeting diverse workloads including AI superclusters (Mi455x), HPC/sovereign AI (Mi430x), and enterprise (Mi440x) and 6) multiple multi-year, multi-GW deployments in discussions apart from OpenAI that can ramp starting later this year.

Reiterate Outperform rating, and increase our PT to $328 (from $283) reflecting 32x our 2027 EPS estimate of $11.27 discounted back 1 year.”

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