Jefferies Raises AMD Price Target to $650

Jefferies analyst Blayne Curtis raised the price target on AMD (NASDAQ: AMD) to $650 (from $640) while maintaining a Buy rating.

“Results & guidance softer vs. elevated expectations, but we continue to believe the bigger takeaway remains the strengthening trajectory of AMD’s Data Center business and the increasingly compelling setup into 2027 and beyond.

Management’s initial outlook for Data Center revenue to more than double next year, combined with Server CPU growth of more than 70%, implies the AI GPU business should nearly triple, supporting our view that Instinct revenue can exceed $40B in CY27.

We would also note this framework appears particularly conservative for the Server CPU business given improving supply availability and ASP tailwinds from the 2H26 ramp of Venice CPU.

Management repeatedly emphasized that server demand remains supply constrained today and that additional wafer, packaging and substrate capacity should increasingly remove those bottlenecks through 2027. On the AI side, execution against the Helios ramp remains the key gating factor, but customer demand continues to track ahead of internal expectations, strategic hyperscale commitments continue to build, and the production timeline remains on schedule with shipments beginning in the third quarter before accelerating through the fourth quarter and into 2027.

Taken together, we view the company’s initial 2027 framework as an encouraging baseline that reinforces our constructive long-term view, with multiple avenues for upside as execution continues and AI infrastructure deployments scale.”

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