Advanced Micro Devices Stock Forecast: Trending Bullish With Analysts

Advanced Micro Devices (AMD) stock has fallen 2.9% over the past week, but it’s still up 17.8% in the last month and an impressive 112.2% over the past year. Wall Street’s analysts are firmly bullish, with a Strong Buy consensus and a 12‑month average price target of $286.66 versus a last closing price of $252.18. That implies meaningful upside from current levels as investors look ahead to AMD’s next phase of growth in data center and AI chips.

Wall Street’s optimism is underscored by analyst Christopher Rolland of Susquehanna International Group, who reiterated a Buy rating on AMD on January 29, 2026, with a price target of $300. That target sits above the Street’s average and signals confidence that the company can keep gaining share and growing revenues into 2026 and beyond. Rolland bases his view on expectations for slightly better upcoming quarterly results, driven by continued strength in server CPUs, momentum in data center GPUs, and a still‑resilient PC market.

Rolland expects server CPU demand to be a key driver, with checks suggesting AMD’s EPYC data center processors are seeing strong traction and that server CPUs are effectively sold out through the end of 2026. On the AI side, AMD’s MI350 data center GPU is expected to keep ramping through the fourth quarter and the first half of 2026, with an even sharper revenue ramp anticipated in late 2026 following the launch of the next‑generation MI450 and the Helios platform. Overall, he is modeling GPU revenue to reach about $16 billion in 2026, with room for upside if new large customer deals are announced.

A major highlight of Rolland’s thesis is AMD’s positioning in large‑scale AI projects. The company has announced a 6 gigawatt hardware agreement with OpenAI, with the first gigawatt expected in the second half of 2026 and revenue from that likely extending into 2027. He estimates each gigawatt could be worth roughly $15 billion in revenue. Additional tailwinds include Oracle’s planned AI supercluster, new U.S. Department of Energy supercomputer wins, and the HUMAIN partnership. AMD has also indicated it sees several more gigawatt‑scale opportunities across major cloud providers, AI‑native firms, and sovereign customers over the next three to five years. On the consumer side, PCs are currently stronger than expected, helped by a Windows 10 end‑of‑life refresh and memory pricing dynamics, though Rolland expects sub‑seasonal results in the first quarter as memory shortages weigh on the market. Embedded demand is improving with an expected uptick in the FPGA market, and gaming checks show modest graphics share gains and sharply higher GPU pricing, even as the company guides gaming revenue down double‑digits for the quarter.

Rolland values AMD at about 10.5 times his 2026 enterprise‑value‑to‑sales estimate to support his $300 price target and notes downside risk to around $150, or about 5 times that same 2026 sales estimate. His track record adds weight to his call: this N‑star analyst ranks #222 out of 11,984 analysts on TipRanks, with a success rate of 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.