Bank of America revamps AMD stock price target

Bank of America upgraded its outlook on Advanced Micro Devices (AMD.OQ), reiterating a Buy and raising its 2027 non-GAAP EPS-based price target to $310 from $280. The bank revised server-CPU forecasts, citing growing CPU importance in AI data-center buildouts and AMD’s strong product pipeline (Turin, Venice) and cloud incumbency. The research note projects CPUs taking roughly a 5% share of a ~$1.4 trillion AI data-center TAM, implying a $70+ billion CPU TAM by 2030 and double-digit CAGR for AMD data-center revenue. The note and Meta partnership news help explain AMD’s roughly 42% one-month gain versus about 6% for the S&P 500, and provide bullish near-term catalysts ahead of AMD’s May 5 earnings. Analysts flagged execution, manufacturing concentration, and lumpy enterprise spending as downside risks. Overall the research upgrade is a bullish institutional outlook likely to support further buying interest into earnings and data-center growth expectations.