Advanced Micro Devices has seen its shares surge over the past few months, but it still has more room to run, according to UBS. The investment bank has a buy rating on the semiconductor name. It also raised its price target on shares to $730 from $700, suggesting 35% upside from Thursday’s close. “We are raising estimates and bumping PT higher from $700 to $730 on a new view that C2028 EPS could approach $30 following details and commentary from AMD on its [central processing unit] roadmap, share, and [total addressable market] presented at its AI Day,” analyst Timothy Arcuri said Friday in a note to clients. “AMD remains a favorite idea even after a [large] move in the past [three months].” “Advancing AI 2026,” AMD’s flagship AI day for investors, took place this week in San Francisco. There, the company said it expects the AI accelerator market to hit roughly $1.4 trillion by 2030, marking a major upward revision from its previous forecast of $500 billion by the end of 2028. AMD noted that it also expects its graphics processing units to make up the vast majority of that total addressable market. AMD YTD mountain AMD in 2026 AI accelerators are specialized hardware components, such as GPUs or tensor processing units, designed to make artificial intelligence models faster and more sophisticated. Shares of the semiconductor firm are up 152% year to date. The company’s gains have accelerated, with its stock jumping 55% over the past three months, as it has seen growing demand for its chips as a result of the artificial intelligence boom. AMD reportedly controls nearly half of the data center central processing unit market, and its market share could grow due to its deals with Microsoft Azure, Meta Platforms and AI startup Open AI. UBS’ call falls in line with consensus on Wall Street. Of the 54 analysts that cover AMD, 45 have a buy or strong buy rating on the stock, LSEG data shows.
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Friday, July 24
