AMD Bounced 10% but Is Still Down 32% in a Month. Wedbush Sees $600 Vandita Jadeja Thu, November 12, 2026 at 10:03 AM EST 5 min read AMD +1.63% NVDA -6.77% AVGO +5.17% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
AMD (NASDAQ:AMD) jumped 10% to $444 but remains down 32% in a month, and our $472 price target implies just 6% upside.
AMD's record quarter lifted Data Center sales 97% to $9 billion, yet free cash flow collapsed 71% as inventory climbed 35%.
NVIDIA (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) convert far more revenue into cash than AMD, which supports a more conservative target.
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Advanced Micro Devices (NASDAQ:AMD) rose 9.7% today to $443.61. Shares are still down 31.69% over the past month. The 24/7 Wall St. price target for AMD sits at $471.81, indicating 6.36% upside. The model rates the stock a buy with high confidence.
Our target is well below the Wedbush figure of $600. It is also below the Wall Street consensus of $648.24. That gap comes from how heavily our model leans on forward earnings. Even so, AMD has a clear path toward the top of our range after its record quarter.
AMD is down 21.68% over the past week but up 107.14% year to date. The stock trades 32.6% below its 52-week high of $658.52. On Thursday, a broad AI selloff gave the NASDAQ its worst day since April 2025. Chip stocks bounced back today.
The selloff came right after strong results. Third-quarter revenue rose 44.68% to $13.377 billion, ahead of the $13.085 billion estimate. Non-GAAP EPS of $2.09 beat the $1.9366 consensus. Data Center sales rose 97% to $8.546 billion. Wedbush analyst Matt Bryson said the results "met the bar."
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AMD expects fourth-quarter revenue of about $17 billion, which would be roughly 66% growth. Management also projects 2027 revenue growth of more than 80%.
Several major AI customers, including Anthropic and OpenAI, have Helios racks running. CEO Lisa Su said on the call that "demand is higher than supply." Wall Street ratings stand at 5 Strong Buys, 39 Buys and 11 Holds, with no Sells. The bull case reaches $673.86.
Free cash flow fell 71% to $554 million. Inventory grew 35% from the prior quarter. Gaming sales dropped 40%, and AMD expects a double-digit fall in the PC market in 2027. In AMD's defense, management says the inventory build supports data center demand.
GAAP EPS of $1.46 also includes a non-cash warrant charge. Rising memory costs and a trailing P/E of 104 remain real risks. The bear case sits at $381.09.
The GPU leader that AMD's Instinct chips compete against directly is NVIDIA. The stock trades at a P/E of 37 with a 75% non-GAAP gross margin. AMD guides to about 55%. At that discount in profitability, a premium multiple for AMD needs the Helios ramp to work.
Broadcom is the custom-chip threat to general-purpose GPUs. Its AI semiconductor revenue rose 221% to $16.70 billion. Both peers turn far more of their revenue into cash, which supports our more conservative target.
The 24/7 Wall St. price target of $471.81 comes with a buy rating and 90% confidence. The fourth-quarter guidance is what tips the scale.
I would turn more constructive if Helios shipments drive data center sales up about 50% from the third quarter. I would grow cautious if free cash flow keeps contracting while inventory builds. The fundamentals look stronger than the selloff indicating, at least for now.
AMD needs to keep executing on its current strategy for these projections to hold. The MI500 roadmap may lift results well above these figures. Supply limits or a pullback in AI spending could leave them short. The traits that showed up early in past chip winners are the ones we cataloged in a free playbook on spotting the next Nvidia.
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