Raymond James upgraded Advanced Micro Devices to Strong Buy from Outperform on Tuesday, citing accelerating demand for AI-powered servers and raising its price target to $641 from $565.
The firm projects AMD’s revenue will grow at a compound annual rate of 44% over five years, reaching approximately $201 billion by 2030. Raymond James’ long-term framework aligns closely with NVIDIA’s $200 billion target and remains below AMD’s own $220 billion estimate. The model’s projection horizon has been extended to 2028.
AMD’s Data Center segment revenue surged 107% year-over-year and 16% sequentially in the second quarter of 2026, according to DA Davidson, which raised its price target for the stock to $550 while maintaining a Buy rating. BMO Capital initiated coverage with an Outperform rating, while Phillip Securities reiterated a Buy rating but trimmed its fiscal 2026 earnings forecast by 8% due to anticipated declines in client and gaming segments.
Benchmark maintained a Buy rating despite a post-earnings pullback of roughly 8% to 9% in AMD’s share price, attributing the decline to elevated expectations following AMD’s Advancing AI event and Intel’s strong quarterly report. TD Cowen also reiterated a Buy rating, emphasizing a favorable outlook for AMD’s data center business.
The upgrades and price target adjustments follow AMD’s Q2 2026 results, which exceeded revenue and earnings expectations, reinforcing confidence in the company’s positioning within the AI server market.
