AMD (AMD) PT Raised to $640 at Jefferies

Jefferies analyst Blayne Curtis raised the price target on AMD (NASDAQ: AMD) to $640.00 (from $515.00) while maintaining a Buy rating.

The analyst comments: “AMD’s Advancing AI day delivered on all fronts with clear leadership in Servers, while AI has gotten much more real with two more key customers and a roadmap that potentially puts AMD ahead of NVDA. Helios will start to ramp in September with AI revenue likely well ahead of our $26B estimate next year with our build pointing to $80-90B in C28 (vs our $36B) assuming multiple GWs deployments across the 4 lead customers. Both Anthropic and OAI talked about a quick ramp up of Helios and the newly introduced ROCm.AI should make that process even easier. AMD matched NVDA in calling for a $200B+ Server market spread across 3 tiers (Headnode, Agentic, GP Servers) with Agentic approaching 50% of the TAM in the out years. Venice is ramping up later this year and puts AMD even farther ahead of INTC and ARM competitors. AMD didn’t commit to a share target other than saying it will be >50%, but we see upside to $50B by C28 (vs our $36B). Overall, no huge surprises from the day but rather a consistent message of product leadership in Servers and an argument to be made that they are closing the gap in AI.”

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