Susquehanna Just Upped Its Price Target on AMD Stock. Here's Why.

Advanced Micro Devices (AMD) stock is ripping higher on Thursday after senior Susquehanna analyst Christopher Rolland issued a bullish note in favor of the chipmaker. In his research note, Rolland maintained a positive rating on AMD and raised his price objective to $500, signaling potential upside of more than 15% from its previous close. 

Rolland’s bullish call is significant given AMD shares have already been a lucrative investment in 2026, currently trading at well over 2x their price at the start of this year. 

AMD Stock Is Worth Buying Ahead of Q2 Earnings

Rolland’s research note arrives only days before AMD is scheduled to post its Q2 earnings release. Consensus is for the company to record a 5x increase in earnings per share (EPS) to $1.35. 

“We expect better results/guidance, driven primarily by data center,” the analyst told clients. 

Rolland is constructive on the firm’s Instinct MI series AI accelerators and rack-scale platforms that are gaining significant commercial traction, as evidenced by the multibillion-dollar deployment agreements with the likes of OpenAI, Meta (META), and most recently Anthropic. 

Importantly, Barchart also currently has a “56% BUY” opinion on AMD stock, which reinforces that technical momentum remains in its favor. 

What Else Attracts Rolland to AMD Shares?

AMD’s management believes the artificial intelligence business will boost sales by tens of billions in 2027. 

The Susquehanna analyst is just as positive on the firm’s EPYC server CPUs, especially since CEO Lisa Su recently raised guidance for that TAM (total addressable market) to grow to roughly $220 billion by the end of this decade.

“Indeed, agentic AI remains the primary driver of accelerating CPU demand as some agentic workloads now require a CPU-to-GPU ratio >1,” he wrote. 

Note that Advanced Micro Devices will report its fiscal Q2 earnings on Aug. 4. 

Wall Street Remains Bullish on AMD 

Interestingly, Susquehanna is still among the more conservative Wall Street firms on AMD shares. 

According to Barchart, the consensus rating on Advanced Micro Devices sits at “Strong Buy,” with the mean price target of $580 signaling potential upside of more than 20% from current levels.