Piper Sandler raised its price target on Advanced Micro Devices to $300 from $280 and reiterated an Overweight rating on the stock. The firm quantified potential near-term gains, forecasting roughly $200 million of revenue upside for AMD in the December 2025 quarter, with scope to exceed that amount, and at least $0.02 of earnings-per-share upside relative to consensus.
For the March quarter, Piper Sandler also sees room for upside but cautions that gains are likely to be modest - a view the firm attributes to the seasonal cadence of client, gaming and enterprise EPYC CPU demand. Looking further ahead, the research house expects AMD's stock performance and underlying metrics to become more pronounced in mid-2026 as the company scales its Helios rack and follows through on its contract with OpenAI.
Between now and midyear, Piper Sandler anticipates announcements from OpenAI partners and other customers confirming purchase commitments for AMD products. That pipeline of potential orders is a central element of the firm's constructive outlook heading into the medium term.
Other sell-side commentary has trended broadly favorable. KeyBanc reiterated an Overweight rating and retained a $270 price target, citing sustained server-CPU demand through 2026. KeyBanc expects AMD to deliver results that beat consensus in its upcoming fourth-quarter 2025 earnings report, driven by demand for the company's latest Turin processors.
Bernstein raised its price target for AMD to $225, stating the change reflects progress in AMD's artificial intelligence initiatives. Bernstein's note also pointed out that OpenAI remains the only major announced customer for AMD's Helios chips.
On the corporate governance front, AMD appointed KC McClure, the former CFO of Accenture, to its board of directors. McClure's background includes extensive finance and accounting leadership and prior work as a senior advisor to Accenture.
Market participants tracking the AMD supply chain have also adjusted their outlooks. BofA Securities revised its price target for Sanmina-SCI Corp. to $190 while maintaining a Neutral rating. Analysts at BofA cited expectations tied to revenue generation from AMD rack builds as they assess Sanmina ahead of the company's fiscal first-quarter 2026 earnings report.
Separately, Aletheia released a note suggesting that current forecasts for AMD's server CPU business may be conservative, projecting a sizable revenue uptick for fiscal 2026.
Taken together, the recent analyst moves, corporate board addition and supplier-focused adjustments paint a picture of growing market attention on AMD's server CPU and AI hardware efforts. Near-term results still carry typical seasonality and execution uncertainties, but several firms expect visible demand signals to emerge before mid-2026 as Helios and associated customer commitments progress.