Benchmark Reiterates Buy on AMD, $685 Price Target

Benchmark analyst Cody Acree reiterated a Buy rating and $685 price target on AMD (AMD) on August 5, 2026.

“AMD fell roughly 8%-9% after hours despite a modest beat-and-raise and Musk’s comments didn’t help.

We believe the reaction reflected a crowded long and a financial bar that had moved materially higher after AMD’s Advancing AI event, Intel’s stronger-than-expected report and a roughly 15% one-week gain in AMD shares.

With the stock up about 160% over six months and another 7% during Tuesday’s session, investors required a larger near-term surprise than AMD delivered.

The response is understandable, although we view it as more about positioning than a deterioration in the operating thesis.

As if AMD needed another challenge last night, the stock saw additional pressure when on SpaceX’s earnings call, Elon Musk made the statement that ”going forward, we’ve decided to build exclusively on NVIDIA because we think the Vera Rubin architecture is the best architecture.

So, we’re exclusive to NVIDIA.” Luckily, there are several other hyperscalers who are more willing to bet that AMD has finally developed a truly competitive solution.”

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