What the analyst said
Jefferies analyst Blayne Curtis reiterated a Buy rating and $650 price target on AMD (NASDAQ: AMD).
“Server CPUs continue to drive upside, with C27 growth guidance lifted to 100% + on strong Venice momentum, reinforcing our $40B bull case.
AI GPUs are gaining traction as deployments expand, with revenue set to overtake Server CPUs in DecQ, though we maintain our $42B estimate.
Meanwhile, higher memory costs weigh on PC demand, partly offset by Embedded strength. A solid print despite lingering concerns over AI economics, financing and supply constraints.
Server CPUs remain the standout, with Venice now shipping and server revenue guide for C27 raised to 100%+ vs. 70% prior.
Demand continues to broaden across cloud, enterprise and agentic workloads, supporting our bull case forecast for $40B of Server CPU sales next year.
On the AI GPU side, revenue is set to exceed Server CPU for the first time in the December quarter and though management noted demand outlook has improved since 3Q26, our estimate of $42B remains unchanged.
We would note that initial customer deployments and the planned expansion of OEM shipments suggest things are moving in the right direction.
Outlook for the PC market took a step back as expected, with units down double digits (more than INTC -10%) next year as consumers deal with the impact of higher memory pricing.
Embedded should be a bright spot and offers a modest GM tailwind.
Altogether strong report in a very tough tape as investors grapple with uncertainties around LPS availability, AI economics, GPU financing, and a host of other concerns”
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Where the price stands
AMD trades at $484. The 25 analysts who set a target in the last 3 months range from $510 to $1,250, with a median of $675. This $650 target is 4% below the median.
12-month window: day 0 of 365, closes on November 4, 2027.
Track record
This callOpen: a 12-month target, scored on November 4, 2027, a year after the note.
Firm track recordJefferies: 67% of its 18 targets at least a year old were reached within 12 months (#20 of 26 firms); on AMD, 3 of 3. Accuracy ranking →
Jefferies on AMD
Jefferies price targets on AMD
8 calls from October 6, 2025 to November 4, 2026. The target went from $300 to $650 (+117%). The rating stayed Buy.
- November 4, 2026 This noteKept the $650 targetBuy$650
- August 5, 2026Target raised from $640 (+2%)Buy$650
- July 24, 2026Target raised from $300 (+113%)Buy$640
- February 24, 2026Kept the $300 targetBuy$300
- February 24, 2026Kept the $300 targetBuy$300
- November 12, 2025Kept the $300 targetBuy$300
- November 5, 2025Kept the $300 targetBuy$300
- October 6, 2025Earliest call shownBuy$300
Other analysts on AMD
JP MorganHold
Raised price target +5%, kept rating · Nov 4
$575from $550
Piper SandlerBuy
Raised price target +8%, kept rating · Nov 4
$650from $600
UBSBuy
Cut price target −4%, kept rating · Nov 4
$700from $730
Melius ResearchBuy
Raised price target +8%, kept rating · Nov 4
$650from $600
SusquehannaBuy
Kept rating and price target · Nov 4
$650maintained