AMD (AMD) PT Raised to $650 at Piper Sandler

Piper Sandler analyst David O'Connor raised the price target on AMD (NASDAQ: AMD) to $650.00 (from $600.00) while maintaining an Overweight rating.

The analyst commented: "AMD reported FQ3 beat of 2-9% on revenues/EPS and guided FQ4 2-4% ahead of cons, with the beat unsurprisingly led by Datacenter. During quarter demand accelerated and on back of securing more supply co raised its revenue expectations for 2027 to +80% y/y. Mgt commentary implies a flat 55% GM guide for 2027 with higher margin CPU server growth largely offset by lower margin AI GPU growth. Following results, we raise our FY27 EPS 11% and raise FY28-29 estimate 10-5% on stronger run-rate. We raise our FY28 P/E based TP, on a similar multiple, +8% to $650. We remain OW and continue to like the Agentic AI thematic through AMD's Server CPU's, coupled with the ramp-up of the MI450 GPU's."

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