AMD Has Already Doubled in 2026, but UBS Sees More Room to Run, Hiking Price Target to $730
UBS raises its price target on AMD to $730 from $700, arguing the stock still has upside even after doubling this year. The bank sees 2028 EPS approaching $30.
AMD (AMD) has more than doubled in 2026, but UBS still sees upside, raising its price target to $730 from $700 and maintaining a Buy rating. As of the July 24 close, AMD shares sat at $521.95, down 3.29% from the prior close of $539.69. Markets were closed for the weekend, leaving the quote at that level.
- UBS raised its AMD price target to $730 from $700, implying roughly 35% upside from the July 24 close.
- Analyst Timothy Arcuri sees AMD’s FY2028 EPS approaching $30.
- AMD shares have more than doubled year-to-date in 2026.
- AMD recently struck a $5 billion chip deal with AI company Anthropic, drawing market attention.
- AMD is partnering with Cerebras to build a new hardware blueprint.
- Rival Nvidia (NVDA) locked in a massive HBM memory supply deal with SK Hynix valued at up to $500 billion, reshaping the AI supply chain.
Even after AMD (AMD) shares more than doubled in 2026, UBS says there’s still fuel left in the tank. The bank reiterated its Buy rating and raised its price target to $730 from $700, implying roughly 35% upside from the July 24 close of $521.95. AMD closed at $521.95 on July 24, down 3.29% from the prior session’s $539.69. With U.S. markets closed for the weekend, the quote is static.[CNBC]
UBS Hikes Target, Sees Strong 2028 Earnings
UBS analyst Timothy Arcuri told clients on July 24 that after AMD’s AI Day event — which detailed CPU roadmaps, market share, and total addressable market — the firm raised its earnings estimates and price target. “We are raising estimates and our price target to $730 from $700, based on the new view that FY2028 EPS could approach $30,” Arcuri wrote. He added that AMD remains his “preferred name” even after the stock’s massive run.[CNBC]
$5 Billion Anthropic Chip Deal Draws Attention
AMD has been busy on the AI chip front. Reports say the company struck a roughly $5 billion chip deal with AI startup Anthropic, seen by the market as a key step in challenging Nvidia (NVDA) in the AI chip space. Details remain under wraps, but analysts broadly view the deal as helping AMD expand its share of the AI inference chip market.[MarketBeat]
Partnering with Cerebras on New Hardware Blueprint
Beyond the Anthropic deal, AMD has teamed up with AI chip company Cerebras to co-create a new hardware blueprint. The collaboration is part of AMD’s broader push to diversify its AI hardware efforts, aiming to boost the performance and competitiveness of its AI accelerators through joint design.[MarketBeat]
Nvidia Locks In $500 Billion HBM Supply, Intensifying Competition
While AMD makes moves, its biggest rival Nvidia is flexing its supply-chain muscle. Nvidia inked a multi-year deal with SK Hynix valued at up to $500 billion, securing priority access to HBM3E and next-gen HBM4 memory. The deal gives Nvidia a strategic edge on the critical memory components needed for AI accelerators, potentially squeezing other AI chip players including AMD.[FourWeekMBA]
Market Reaction and Analyst Views
Despite UBS’s bullish take, the market gave AMD a chilly reception on July 24, with shares falling 3.29%. Some observers chalked it up to the Nvidia-SK Hynix mega-deal, which underscores Nvidia’s grip on the AI supply chain and could dim AMD’s competitive prospects. News of a TSMC (TSM) price hike also weighed on chip-sector sentiment.[MarketBeat]
Sources
- CNBC — AMD has more than doubled in 2026. It has more room to run, UBS says
- MarketBeat — Perseverance Asset Management International Has $150.90 Million Holdings in Taiwan Semiconductor Manufacturing Company Ltd. $TSM
- MarketBeat — American Axle & Manufacturing Holdings, Inc. (NYSE:DCH) Receives Average Rating of "Hold" from Analysts
- FourWeekMBA — Nvidia Locks In SK Hynix on a $500B Memory Deal That Reshapes the AI Supply Chain
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