BofA Turns Bullish on AMD, Sees Beat-and-Raise on Server Demand

Bank of America turned constructive on AMD this week, forecasting a beat-and-raise quarter driven by exceptional EPYC server demand and cloud momentum. The shift follows a string of aggressive price-target hikes from Goldman Sachs ($640), Wells Fargo ($615), and UBS ($670) that highlighted AI CPU tailwinds. A cautionary note from William Blair on July 11, which set a $565 fair value and warned valuation already prices in much of the AI upside, briefly tempered sentiment. AMD shares trade near $516 ahead of the August 4 earnings release, where consensus calls for $1.35 EPS and $11.2 billion revenue.