RBC Capital Reiterates Sector Perform on AMD, $230 Price Target

RBC Capital analyst Srini Pajjuri reiterated a Sector Perform rating and $230.00 price target on AMD (NASDAQ: AMD).

“AMD’s 4Q25 results and 1Q26 outlook were largely as we previewed albeit with some help from China AI revenue (not originally in our model).

Data Center benefited from Server CPU demand/share gains while AI GPUs also grew q/q (even ex-China revenue).

Management sounded confident about Server CPU growth continuing through the year and reiterated its prior timelines for MI4xx/OpenAI ramps (2H26).

We are raising estimates slightly as higher opex partially offsets higher revenue. With valuation at ~40% premium to NVDA, we see limited catalysts until OpenAI starts to ramps in volume in 4Q26.

Maintain Sector Perform.”

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