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Oppenheimer upgrades AMD to outperform, $600 target
Oppenheimer analyst Rick Schafer upgraded Advanced Micro Devices to outperform from perform, CNBC reported, citing a $600 price target after last week's earnings.
Oppenheimer on Sunday upgraded Advanced Micro Devices to outperform from perform, CNBC reported, assigning a $600 price target that the outlet said implied 34% upside from Friday's close1.
Analyst Rick Schafer wrote that the firm was raising estimates after another earnings call and a recent fireside chat it hosted, and said AMD was emerging as a durable supplier of AI compute with multi-generation customer wins and Helios rack-scale systems1.
CNBC said AMD shares had fallen more than 26% over the past month as investors rotated out of semiconductor and other AI-linked stocks amid financing-risk concerns1.
Oppenheimer said the stock could recover as a strategic partnership with Anthropic ramps in the first quarter of 2027, and as AMD's MI500 GPUs for high-performance computing and large-scale AI training are due in the second half of 20271.
Schafer modeled data-center revenue growth of 135% in 2027, with server CPU share and content gains and a smaller client and gaming mix1.
CNBC said 48 of 56 analysts covering AMD had buy or strong-buy ratings, according to LSEG data, and that AMD shares rose more than 3% in premarket trading Monday after better-than-expected third-quarter results last week1.
