Advanced Micro Devices Stock Forecast: Trending Among Bullish Analysts

Advanced Micro Devices (AMD) stock has had a volatile run lately. The share price has fallen 20.6% over the past week and is down 6.6% over the past month, yet it is still up a strong 78.7% over the last 12 months. Despite the recent pullback, Wall Street’s analysts remain firmly optimistic: the 12‑month consensus price target stands at $288.19, well above the last closing price of $200.19, and the overall analyst consensus is rated as a StrongBuy.

Wall Street’s analysts are clearly bullish, forecasting significant upside for AMD over the next twelve months. One of the key voices backing this view is Christopher Rolland of Susquehanna International Group, who reiterated a Buy rating on AMD on February 4, 2026, setting a price target of $300.00. This target implies notable upside from current levels and reflects confidence that AMD can continue to grow its data center and AI-related businesses, even after the recent share price drop.

Rolland’s report highlights that AMD’s latest results and guidance were better than expected, primarily due to its Data Center segment. The company resumed shipments of its MI308 GPUs and recorded about $390 million of MI308 revenue from China in the fourth quarter, with another roughly $100 million expected in the first quarter. However, management is not counting on further China revenue given the uncertain geopolitical backdrop. Excluding China, GPU revenue still grew quarter over quarter, and looking ahead, AMD expects a major ramp in its AI accelerators, with the MI350 ramping through the first half of 2026 and the MI450 launching in the second half. Management reiterated that its AI business could reach “tens of billions” of dollars in revenue by 2027, and Rolland estimates data center GPU revenue at roughly $16.5 billion in 2026 versus about $7 billion in 2025.

Beyond GPUs, AMD appears to be gaining share in server and PC markets. In servers, management sees continued share gains as its Turin processors ramp significantly, alongside solid demand for prior-generation Genoa chips, and they guided to “strong” server growth in the first quarter and throughout 2026. Client (PC) revenue was also better than expected, with record Client CPU sales; while management expects a quarter-over-quarter decline in the first quarter, they still anticipate year-over-year growth in 2026, even as the broader PC market is expected to shrink. Other segments are more mixed: gaming was roughly in line but is expected to see a “significant” double‑digit decline in semi‑custom SoC revenue in 2026, while the embedded segment is guided to dip in the first quarter before returning to growth next year.

Rolland notes that AMD’s margins received a one-time boost from the release of previously written-down MI308 inventory, while operating expenses are rising as the company invests heavily in its AI strategy. He values the stock at about 10 times his 2026 enterprise value-to-sales estimate, with a downside risk case of $150, or roughly 5 times his 2026 EV/sales estimate. Importantly for investors, Rolland is a well-regarded voice on Wall Street: this 5‑star analyst ranks 222 out of 11,984 tracked experts, with a success rate of about 58.63% and an average return of 21.5% per rating. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.