BofA Lifts AMD Price Target to $720 on Agentic AI CPU Demand

Bank of America raised its price target on Advanced Micro Devices to $720 from $620 for September 2027 while maintaining a Buy rating and naming AMD its top CPU pick. The revision follows AMD surpassing a $1 trillion market capitalization amid a year-to-date gain of over 180%. BofA forecasts the server CPU total addressable market will surge from $61 billion in 2026 to $211 billion by 2030, with artificial intelligence workloads driving $180 billion of that total. Consequently, BofA lifted its CY2027 and CY2028 EPS estimates for AMD by 2% to 3%.