AMD (AMD) PT Raised to $685 at Benchmark on Microsoft, Anthropic Deals

Benchmark analyst Cody Acree raised the price target on AMD (NASDAQ: AMD) to $685.00 (from $485.00) while maintaining a Buy rating.

The analyst commented, "AMD has recently had a constructive two-step catalyst sequence. First, Microsoft expanded its Azure infrastructure roadmap around AMD Helios on July 20, and then Anthropic today announced up to 2GW of MI450 Series GPU capacity in Helios rack-scale systems, with the first 1GW beginning in 1H27... We reiterate our Buy rating and raise our price target to $685, previously $485, which is 36.7x our new FY28 EPS estimate of $18.67, or 1x our FY28 EPS growth rate of 36% and 0.55x our three-year EPS CAGR of 66.7% (FY26-FY28). We believe Microsoft gives AMD a nearerterm Azure production validation point for Helios, MI455X, EPYC Venice, Pensando DPUs and ROCm. Anthropic adds a large AI-lab commitment and a software-development loop, with Claude expected to help optimize Instinct workloads and accelerate ROCm development. The combined read-through is stronger than either announcement alone because it pairs cloudplatform deployment with frontier-model customer engineering."

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