What the analyst said
William Blair analyst Sebastien Naji reiterated a Market Perform rating on AMD (NASDAQ: AMD).
“Stock Thoughts: AMD shares are trading up roughly 5% after-hours to about $508 on strong 3Q execution and an upbeat 2027 outlook.
At these levels, shares trade at 30 times our calendar 2027 and 21 times our calendar 2028 non-GAAP EPS estimates.
While we view this quarter as a promising proof point that AMD is successfully ramping up Helios to gain inroads in the AI accelerator market, and expect EPYC to continue to perform well as agentic AI CPU demand drives significant volumes, we remain concerned about intensifying competition across the data center and a multiple above its peers, which keeps us at Market Perform.”
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