Oppenheimer upgrades AMD to outperform with a $600 price target

The firm sees a comeback for the chipmaker, driven by AI and data center growth, after a record third quarter Oppenheimer thinks Advanced Micro Devices is ready for a comeback. The investment firm upgraded the chipmaker to outperform from perform and attached a $600 price target to the call. That target implies 34% upside from Friday’s close. What Oppenheimer is betting on The upgrade came from Oppenheimer analyst Rick Schafer on November 9, 2026. His $600 target is measured against AMD’s closing price of $449.04 on November 6, 2026. The call follows AMD’s third-quarter earnings report. Data center revenue hit a record $8.5 billion, up 97% year over year. Total company revenue for the quarter came in at $13.4 billion, a 45% year-over-year increase. That means the data center unit now accounts for well over half of everything AMD sells. Two product lines did most of the heavy lifting. Sales of EPYC CPUs, AMD’s server processors, drove the surge alongside the introduction of the MI450 and Helios GPUs. The guidance is where it gets interesting AMD expects around $17 billion in revenue for the fourth quarter of 2026, which would mark approximately 66% growth year over year. Then there’...