Stifel Reiterates Buy on AMD, $635 Price Target

Stifel analyst Ruben Roy reiterated a Buy rating and $635 price target on AMD (AMD) on August 5, 2026.

“AMD delivered a modest F2Q26 beat-and-raise, alongside the first formal 2027 Data Center guide.

2Q revenue of $11,536mn (+50% y/y, +13% q/q) came in above $11,310mn Street, with adj-EPS of $1.66 (vs. $1.62) and adj-GM of 56% (+200bps y/y, +80bps q/q) carrying a $0.04 beat.

Data Center revenue of $6.7bn more than doubled y/y and reached 58% of total revenue from 42% a year ago, with EPYC growing over 70% y/y on double-digit unit and ASP growth and Instinct sales more than doubling.

3Q is guided to ~$13.0bn (+41% y/y), a ~3.4% raise vs. Street, at a flat ~56% adj-GM despite the start of the Helios ramp, which we view positively.

Management guided 2027 Data Center segment revenue to more than double, raised 2H26 server growth to >80% y/y on improved supply, and is ahead of the November Analyst Day model, leaving GM as the key variable.

We remain positive.”

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