Truist Securities Raises AMD Price Target to $478
Truist Securities analyst William Stein raised the price target on AMD (NASDAQ: AMD) to $478.00 (from $283.00) while maintaining a Buy rating.
“AMD delivered strong Q1 results & Q2 guidance – fine.
The linchpin of our thesis – AI GPU engagement – was confirmed as AMD noted demand for MI450/Helios for CY27 is looking better today than last qtr.
Bonus: AMD’s through-2030 CAGR guide for DC CPU just doubled (from 18% to 35%) as agentic workloads (running on x86) are driving more growth than AMD initially expected, increasing forecasted company sales CAGR by ~5%.
Our CY27 EPS goes from $10.11 to $10.61. PT to $478 (from $283) based on 45x (5x disc to recently significantly elevated peers).
Comforting point on valuation: AMD now trades at 13.5x our back-of-envelope CY30 EPS of ~$31.”
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