Raymond James just handed AMD its strongest endorsement yet, upgrading the chipmaker to Strong Buy and slapping a $641 price target on the stock. Analyst Simon Leopold’s rationale boils down to a simple thesis: the server CPU market is about to get a lot bigger, and AMD is positioned to take a disproportionate share of it.
The upgrade, issued on August 25, came with a price target bump from $565, representing a roughly 13% increase. Meanwhile, Intel sits with a Market Perform rating from the same firm, which is Wall Street’s polite way of saying “we’re not excited.”
The numbers behind the call
AMD’s x86 client CPU market share climbed to 30.3% in Q2 2026, up from 23.9% just one year earlier. That’s a 6.4 percentage point swing in twelve months.
Intel still holds 69.7% of the x86 client CPU market.
