Susquehanna analyst Christopher Rolland raised his price target on Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) stock to $375 from $300, keeping a Positive rating ahead of first-quarter results. The new target reflects confidence that server CPU share gains and an artificial intelligence (AI) accelerator ramp can extend the rally.
| Ticker | Company | Firm | Action | Old Rating | New Rating | Old Target | New Target |
|---|---|---|---|---|---|---|---|
| AMD | Advanced Micro Devices | Susquehanna | Price Target Raised | Positive | Positive | $300 | $375 |
AMD stock closed at $323.21 on April 28, up roughly 51% year to date. The upgrade lands less than a week before AMD reports Q1 2026 results on May 5.
The Analyst’s Case
Rolland updated the model ahead of Q1 results, citing continued server CPU upside as AMD EPYC processors gain share while Intel (NASDAQ:INTC) works through supply constraints. He also flagged personal computers (PCs) running sub-seasonal for 2026.
On the AI side, Susquehanna highlights the ramp of AMD Instinct MI350 accelerators as the primary driver of near-term Data Center results. The firm identifies an inflection point in Q4 2026 as larger customer deployments scale across hyperscalers, aligning with AMD’s wins including the OpenAI agreement for 6 gigawatts of GPU deployment and Oracle‘s (NYSE:ORCL) planned 50,000-GPU AI supercluster using Helios with Instinct MI450 GPUs and EPYC Venice CPUs.
Company Snapshot
AMD designs CPUs and GPUs across EPYC, Ryzen, Radeon, and Instinct brands, led by CEO Lisa Su. The company carries a market cap of about $526.94 billion.
AMD’s fiscal 2025 revenue reached $34.64 billion, up 34%, with Q4 2025 Data Center revenue hitting a record $5.38 billion, up 39% year over year (YoY). Free cash flow climbed 129% to $5.52 billion, while net income jumped 164%. For Q1 2026, AMD guided to revenue of about $9.8 billion plus or minus $300 million, implying roughly 32% growth, including about $100 million of MI308 sales to China.
Why the Move Matters Now
AMD stock trades at a trailing P/E ratio of 123x and a forward P/E ratio of 50x, multiples that price in strong execution. The Susquehanna call hinges on Q4 inflection rather than current run rate, meaning the next two quarters carry outsized weight.
Northland recently downgraded AMD stock to Market Perform with a $260 target, a reminder that the rally has split Wall Street. Polymarket traders put 76% odds on AMD beating its May 5 quarterly earnings. The
What It Means for Your Portfolio
The AMD stock bull case rests on continued EPYC share gains, the MI350 and MI450 pipeline, and a Data Center business that has accelerated for several quarters. Su said AMD is “entering 2026 with strong momentum across our business, led by accelerating adoption of our high-performance EPYC and Ryzen CPUs.”
The bear case centers on PC sub-seasonality through 2026, ongoing U.S. export controls that drove about $440 million in MI308 charges last year, and a stock that has gained 235% over the past 12 months. Recent semiconductor sector commentary captures how crowded the AI trade has become.
Prudent investors should watch AMD stock around the May 5 earnings report, focusing on server CPU revenue, MI350 ramp commentary, and updates on the Q4 inflection anchoring the Susquehanna thesis. Moderate position sizing seems sensible after such a sharp run.
Top Gaining Stocks
Top Losing Stocks