Stifel Reiterates Buy on AMD, $280 Price Target
Stifel analyst Ruben Roy reiterated a Buy rating and $280.00 price target on AMD (NASDAQ: AMD).
“AMD reported above-consensus F4Q results ($10.3bn revenue, 57.0% adj-GM, $1.53 adj-EPS vs. $9.7bn, 54.5%, $1.32, respectively), helped by a $390mn MI308 China revenue and accounting tailwinds (i.e. $360mn inventory reserve release tied to previously written-down China inventory).
Excluding these factors, pro-forma adj-GM was 55.0% (+80bps y/y).
F1Q guidance was above-consensus on revenue ($9.8bn vs. $9.4bn), helped by $100mn in non-recurring China revenue (conservative on guide given lack of visibility), but relatively in line on adj-GM (55.0% vs.
54.7%), with no margin benefit expected from China (i.e. inventory reserves cover these sales).
AMD remains on track for the 2H26 production ramp of the MI450-series GPUs and the Helios rack-scale platform.
Reaffirmed visibility from the multi-year, phased, 6GW OpenAI deployment and other CSP commitments support management’s anticipated >60% CAGR Data Center growth target, from their Investor Day, potentially to be realized starting 2026.
Successful rack-scale deployments at scale remains the primary catalyst.”
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