Overview

• Piper Sandler reaffirmed an Overweight rating and $190 price target on Sept. 15, citing management optimism for the second half of 2025 and the first half of 2026.
• The firm said AMD’s server, client, and GPU businesses are on pace this quarter, with embedded strength flagged as a potential additional tailwind.
• AMD’s second-quarter results showed revenue up 32% year over year to $7.7 billion, while adjusted operating income fell 29% to $897 million.
• Shares trade at a trailing P/E of 89 versus about 31 for the S&P 500, a premium that comes with stiff competition from Nvidia in GPUs.
• Over the five years through Sept. 17, a $10,000 investment in AMD would have grown to roughly $20,790, reflecting a 107.9% gain.