Oppenheimer upgraded Advanced Micro Devices from “perform” to “outperform” with a $600 price target, implying 34% upside from the November 6, 2026 closing price of $449.04. In the third quarter, AMD reported $13.4 billion in revenue, up 45% year over year, including a record $8.5 billion from its data center business, which grew 97%. The company expects approximately $17 billion in revenue for the fourth quarter of 2026 and more than 80% growth in 2027, while Oppenheimer projects an approximately 135% increase in data center revenue that year. OpenAI, Meta, Anthropic, Oracle and Microsoft are among the major customers supporting demand, but customer concentration, supply constraints and execution of the MI450 and Helios GPU roadmap remain key risks.
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