Raymond James upgrades AMD to strong buy, sees it overtaking Intel by 2027
Raymond James raised its price target for Advanced Micro Devices to $641 and upgraded the stock to strong buy, citing expected market-share gains that could let AMD surpass Intel in the CPU market by 2027.
Advanced Micro Devices (AMD) was upgraded to a strong-buy rating by Raymond James, which also lifted its price target to $641 from $565, suggesting about a 40% upside from the recent closing price. The firm’s analysts said AMD’s combination of earnings leverage, datacenter positioning and market-share growth makes it the most attractive semiconductor name relative to peers.
"AMD offers the strongest combination of direct earnings leverage, datacenter positioning and market-share gains," analyst Simon Leopold wrote. "AMD's growth should enable it to overtake Intel during 2027."
Raymond James noted that AMD’s share of the x86 CPU market rose above 30% in the second quarter, narrowing the gap with Intel, which holds roughly 70% of the market. The firm projects the overall CPU market to reach about $201 billion by 2030, driven by conventional datacenter chips, AI-focused processors and emerging autonomous-AI chips.
The upgrade aligns with broader Wall Street sentiment, as 45 of 54 analysts covering AMD currently rate the stock as buy or strong buy. AMD’s shares have doubled in 2026 but have slipped about 2% over the past three months, gaining just over 2% after the upgrade announcement.