Wolfe Research has raised its price target on Advanced Micro Devices from $340 to $450, reaffirming an Outperform rating on the chipmaker. Analyst Chris Caso pointed to AMD’s deepening footprint in AI inference and agentic AI as the core drivers.
The data center engine keeps accelerating
AMD’s Q1 2026 numbers tell most of the story. Data Center revenue hit $5.775 billion for the quarter, a 57% jump compared to the same period a year earlier.
The surge was primarily fueled by demand for AMD’s Instinct MI300 and MI350 series GPUs. These chips handle the heavy computational lifting required by AI workloads, particularly the inference tasks that run trained models in production environments.
AMD’s MI450 GPU, codenamed “Helios,” is slated for launch in Q3 2026.
