Bank of America analysts have upped their price forecast for Advanced Micro Devices (AMD) stock, upping their previous forecast by 20%. On October 17, Bank of America reiterated the stock as “Buy” and raised its price target to $300 per share from $250.
“We rate AMD Buy,” analysts said in an investor’s note this week. “It serves a multi-hundred billion addressable market opportunity in PC, server, high-end gaming, deep-learning, and related markets where AMD has less than 30% value share currently.” The leading financial firm went on to say it sees improved visibility into AMD’s MI450 Series ‘Helios’ racks launching in 2H26, supported by customers such as Oracle, Meta, and OpenAI. Further, the analysts have marked 11/11 as the next date to watch out for, deeming it the next major catalyst.
“Our new $300 PO is based on unch. 33x CY27E PE, still within 14x–55x historical range. Next major catalyst includes upcoming Analyst Day in NYC on 11/11…Overall, we now see greater visibility into the deployment and ramp outlook of MI450 Series ‘Helios’ racks launching in 2H26, supported by key industry customers such as Oracle, Meta, and OpenAI.”
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Many analysts are bullish on AMD after its latest deal with OpenAI earlier this month. AMD is the latest AI tech giant to strike a deal with the ChatGPT developer, with OpenAI deploying 6 gigawatts of AMD GPUs over the coming years, according to the new deal. In return, OpenAI will take a stake in AMD worth up to 160 million shares, or roughly 10% of the company.
AMD shares did slip on Tuesday after new leaks revealed possible details about their upcoming CPUs. These leaks, which come from chi11eddog, cover new Ryzen 7 and Ryzen 9 CPUs in development at AMD. AMD stock fell 1.05% on Tuesday but remained up over 90% year-to-date. The shares have also rallied 56.12% over the past 12 months.