Advanced Micro Devices (AMD) shares rose 1.5% in premarket trading on October 27. GF Securities raised its price target on the stock to $720. The upgrade precedes AMD's third-quarter earnings report, scheduled for November 3.
Analyst Jeff Pu cited a bullish long-term outlook for AMD's datacenter business. This outlook underpinned the price target increase. GF Securities anticipates AMD's server CPU revenue could grow 100% year-over-year in 2027. The firm projects another 50% growth in 2028. An expanding server market and AMD's product roadmap drive these projections. This optimism reflects a broader positive sentiment around AI infrastructure expansion.