KeyBanc Reiterates Overweight on AMD, $725 PT

KeyBanc analyst John Vinh reiterated an Overweight rating and $725 price target on AMD (NASDAQ: AMD).

“AMD posted solid 2Q results and 3Q guidance, which were slightly higher than consensus.

Strong growth was driven by Data Center, which grew +107% y/y, as server CPU grew >+70%, while we est AI GPU revs of $2.9B (+190%).

Given strong demand and increasing supply, AMD sees 2H26 server CPU rev growth of +80% y/y and +70% in 2027 and sees DC revs more than doubling in 2027 with AI GPUs growing well over 100%.

While 2Q/3Q results fell short of high expectations, we’re encouraged by AMD’s 2H/2027 outlook for DC/server CPU/ Helios. As such, we’re adjusting ests. Maintain Overweight.”

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