Shares of Advanced Micro Devices (NASDAQ:AMD) are soaring after the company's first-quarter financial results. While shares are hitting all-time highs on Wednesday, analysts think there's even more upside ahead.

The AMD Analysts

• KeyBanc analyst John Vinh reiterated and Overweight rating and raised the price target from $330 to 530.
• Wedbush analyst Matt Bryson maintained an Outperform rating and raised the price target from $400 to $450.
• DA Davidson analyst Gil Luria reiterated a Buy rating and raised the price target from $375 to $425.
• Seaport Research analyst Jay Goldberg upgraded the rating from Neutral to Buy and initiated a price target of $430.
• JPMorgan analyst Harlan Sur maintained a Neutral rating and raised the price target from $270 to $385.
• Rosenblatt analyst Kevin Cassidy maintained a Buy rating and raised the price target from $300 to $490.

KeyBanc on AMD Stock

AMD's first-quarter results and second-quarter guidance exceeded expectations, Vinh said in a new investor note.

The analyst said he was encouraged by the results and is raising earnings per share and revenue guidance going forward.

"Agentic AI is increasing server CPU demand driven by orchestration, data movement, and parallel execution," Vinh said.

Wedbush on AMD Stock

While Bryson has raised the price target on AMD stock, the analyst said investors likely expected more demand in the quarter.

"This result failed to play out, with AMD's guide in particular falling shy of heightened expectations," Bryson said.

The analyst said server CPU growth helped provide bullish guidance, alongside data center growth above expectations.

"AMD's compute strength reinforces our view that AI infrastructure spending is accelerating beyond prior estimates."

DA Davidson on AMD Stock

Luria said AMD is the "biggest beneficiary of CPU bottleneck" in a new investor note.

The analyst highlights the revenue and earnings per share beat, along with strength in the data center segment.

"AMD may gain even more from CPU bottleneck than Intel," Luria said.

Seaport Research on AMD Stock

AMD stock gets upgraded by Goldberg after the quarterly results and guidance.

"AMD reported a good quarter, guided well and spoke about accelerating growth into next year," Goldberg said.

The analyst said the outlook for AMD's GPU segment "grows increasingly attractive."

"The company is ‘engaging' with all the hyperscalers for both its CPUs and its GPUS speaking to growing interest in alternatives to Nvidia and back-up plans for internal silicon projects. We think the outlook here is improving."

Goldberg said AMD management highlighted CPU demand and winning business in the segment. "We think AMD is well positioned to continue to ride that demand wave," he added.

JPMorgan on AMD Stock

The strong beat-and-raise and management commentary on demand and future opportunities have Sur estimating AMD revenue could exceed Intel (NASDAQ:INTC) in the fourth quarter.

"AMD is improving its competitiveness across CPU and GPU products," Sur said.

The analyst is maintaining a Neutral rating due to execution risk, as the stock price already reflects the "multi-year inflection."

"AMD is executing well toward its target financial model, but we remain Neutral as shares appear to be nearly fully valued."

Rosenblatt on AMD Stock

Cassidy highlights a strong beat-and-raise quarter from AMD in a new investor note. The analyst sees AMD stock being able to support a price-to-earnings multiple of 35x based on revenue growth of 40%+ and earnings per share growth of 80%+.

"The biggest update was the sharp increase in AMD's server CPU TAM outlook," Cassidy said of the earnings report.

AMD now sees the server CPU total addressable market reaching $120 billion by 2030, up from a previous guide of $60 billion.

The analyst also said management showed greater confidence in guidance that annual data center AI revenue will reach tens of billions of dollars in 2027 and beyond.

AMD Stock Price Action

AMD stock is up 15.3% to $409.49 on Wednesday versus a 52-week trading range of $96.88 to $430.60. The stock hit the new 52-week highs, which is an all-time high, early Wednesday morning. AMD stock is up 83.3% year-to-date in 2026, with shares up more than 315% over the last 52 weeks.

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