Phillip Securities Reiterates Buy on AMD, $755 PT

Phillip Securities analyst Yik Ban Chong reiterated a Buy rating and $755 price target on AMD (NASDAQ: AMD).

“We maintain BUY, TP unchanged at US$755. We lowered our FY26e PATMI forecast by 8% due to the softer demand in client and gaming segment.

We expect both client and gaming to enter a cyclical downturn due to higher memory costs.

We raised FY27e revenue/PATMI assumptions by 4% each, as Helios, MI450 GPU and Venice server CPU demand visibility increases. Anthropic is expected to deploy 2 gigawatts of MI450 GPUs in Helios starting from 1H27e, which we estimate could bring AMD an additional US$30bn in revenue (87% of FY25 revenue).

AMD trades at 69.9x FY26e P/E, a 3% premium to its historical one standard deviation from mean value of 67.8x.

We believe the premium is justified as AMD’s GPU and server CPU are well-positioned to capture rising demand from the adoption of agentic AI.”

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