Chipmaker Advanced Micro Devices (AMD) is scheduled to announce its results for the first quarter of 2026 on May 5. The stock has surged over 68% year-to-date, driven by strong demand for its server chips and AI GPUs, along with key partnerships with Anthropic and Meta Platforms (META). Wall Street expects AMD to report EPS (earnings per share) of $1.29, reflecting 33.3% year-over-year growth.
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Meanwhile, revenues are expected to grow by 33% from the year-ago quarter to $9.88 billion, according to data from the TipRanks Forecast page. Notably, Advanced Micro missed EPS estimates only twice out of the last nine quarters.
Analysts’ Views on AMD Ahead of Q1 Results
Ahead of Advanced Micro’s Q1 results, analysts are split on the stock’s outlook. Among the bullish analysts, D.A. Davidson analyst Gil Luria upgraded the stock to Buy and raised his price target to $375, citing strong CPU demand ahead. He believes Intel’s (INTC) recent results point to a major ramp in server demand, driven by agentic AI workloads that are increasing the need for CPUs.
Looking ahead, Luria expects AMD to benefit from tight supply, allowing the company to raise prices and improve margins. As a result, he raised his 2026 estimates, forecasting stronger revenue and profit growth.
On the contrary, top HSBC analyst Frank Lee downgraded AMD stock to Hold from Buy, pointing to stretched valuation given the company’s current production limits. He believes much of the upside is already priced in. Despite the downgrade, Lee slightly raised his price target to $340 from $335, based on a higher earnings multiple.
Options Traders Anticipate a Large Move
Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.
Indeed, it currently says that options traders are expecting an 8.94% move in either direction.
Is AMD Stock a Buy, Hold, or Sell?
Currently, Wall Street has a Moderate Buy consensus rating on Advanced Micro Devices stock based on 17 Buys and nine Holds. Following a solid rally, the average AMD stock price target of $308.09 indicates 10% downside risk.
