Analysts on Wall Street think Advanced Micro Devices is well positioned heading into second-quarter results late Tuesday. Investment banks from Bank of America to Wells Fargo to UBS point to rising demand from both data center expansion and AMD’s core graphics and central processing unit business as likely catalysts for the Santa Clara, California-based chipmaker to surpass Wall Street estimates. Melius Research also noted that a resumption of shipments to China could serve as an additional tailwind. AMD is slated to report results after the stock market closes on Tuesday. Analysts polled by FactSet forecast earnings per share of 48 cents on revenue of $7.4 billion. Shares have advanced more than 46% so far in 2025, through Monday. Here’s what analysts on Wall Street are looking for in AMD’s second-quarter results. Bank of America: Buy rating, price target to $200 from $175 Analyst Vivek Arya raised his price target on AMD to $200 per share from $175 per share in a note to clients last week, adding that the company’s outlook for PCs in the second half of the year has become “potentially de-risked” thanks to consumers trying to get ahead of President Donald Trump’s tariffs. Arya’s forecast calls for about 13% upside from Monday’s $176.78 close. “Moreover, we note a continued strong cloud capex environment, as well as likely strong pricing for its current-gen MI355X could drive further upside in the current strong-double-digit growth expectation,” the analyst said. Wells Fargo: Overweight, $185 price target Analyst Aaron Rakers’ forecast implies about 5% upside for AMD stock. Rakers raised his profit and revenue estimates in a mid-July note, to 47 cents per share from 44 cents, and to $7.49 billion from $7.395 billion. “We are positive on AMD’s ability to continue gaining share in the server and PC CPU markets, increasing traction in datacenter GPUs, positive/accelerating incremental operating leverage, and ultimately, earnings power in excess of $6/share by 2025,” the analyst said. UBS: Buy, price target $210 from $150 The bank expects an “upside bias” to AMD’s second-quarter results this week, driven by strength in both its PC and server business. UBS’ $210 per share target price would equal about 19% upside. “Our model suggests AMD will already by annualizing $10B of DC GPU revenue exiting the year, which we think makes our updated ~$13B estimate for C2026 (up from $11B previously) well within reach considering the strong customer interest we have heard for rack-scale MI400 Helios systems,” analyst Timothy Arcuri said. Melius Research: Buy, $175 price target Analyst Ben Reitzes’ forecast implies roughly 1% downside for AMD stock. “We estimate China could add $3B to AI revenue on an annualized basis, meaning AI revenue could top $15B next year, well above prior consensus. AMD’s multiple should also benefit as China gets added back in the [total addressable market],” the analyst said in mid-July. “The key to forecasts seems to be whether AMD can add a second chip like Nvidia is doing with the RTX PRO, to better serve China’s evolving needs. If this happens, we think revenues can resume a $700mm/quarter plus run rate given the explosion of demand for compute in China post DeepSeek,” he added.
