Goldman Sachs Reiterates Neutral Rating on AMD
Goldman Sachs analyst James Schneider reiterated a Neutral rating and $210.00 price target on AMD (NASDAQ: AMD).
“We expect the stock to trade down following a strong revenue quarter and guidance driven by upside in the Datacenter segment, offset by significantly higher-than-expected OpEx guidance.
We believe investors were constructively positioned heading into the report given optimism around market strength and share gains in server CPUs, the ongoing strength in AI infrastructure buildouts, and expectations for a strong MI455X ramp in 2H.
We expect the company will continue to see solid momentum in its Datacenter business over the course of 2026 driven by server market share gains and the ramp of its MI400 series products, but we see limited near-term operating leverage given AMD’s significant software and systems investments tied to its AI infrastructure ramp.
We remain Neutral on the stock given limited near-term operating leverage as well as likely high customer concentration for AMD’s GPU datacenter business.
However, we could consider a more constructive stance if we gain incremental confidence on the revenue stream and execution timeline for this deal in the coming quarters.”
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