AMD (AMD) PT Raised to $195 at TD Cowen

TD Cowen analyst Joshua Buchalter raised the price target on AMD (NASDAQ: AMD) to $195.00 (from $165.00) while maintaining a Buy rating.

The analyst commented: "A solid beat/raise (albeit Gaming-driven) without contribution from MI308. Importantly, AMD's 3Q guide suggests a strong MI355 2H25 ramp that should assuage investor concerns and slowly build confidence on critical MI400/Helios in 2026. Flat 3Q GM (net of writedown) despite ramping DC GPU a positive, though EPS fall-through dampened by OpEx supporting rack-scale AI investment. Buy, PT to $195.

Strong Growth Momentum, With MI350 Ramp Powering 3Q Guide: Net a clean quarter with shares down seemingly only because of their 73% run since last earnings. A solid beat/raise, with strength in CPU (server and client) and Gaming. More importantly, the largest contributor to 3Q's Q/Q growth appears to be the Instinct franchise as MI355 ramps, expected up Y/Y despite no MI308 in the guide. AMD expects continued Instinct growth in 4Q, noting strong new customer interest."

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