Quick Read – Ruben Roy raised AMD’s price target to $635 from $450, citing 57% YoY Data Center revenue growth to $5.8 billion in Q1 2026. – Roy applied the same supply-constrained AI thesis to AMAT and KLAC, setting new price targets of $650 and $270. – Meta and OpenAI each…
mmitted 6 gigawatts of AMD Instinct GPU deployments, creating multi-year revenue visibility that anchors the $635 bull case. – Shares of Advanced Micro Devices (NASDAQ:AMD) have been on a tear that few retirement portfolios have kept pace with. The stock is up 5.58% over the past week, 14.98% in the past month, 155.29% year to date, and a staggering 295% over the trailing year, closing at $548 and sitting within striking distance of its $584.73 52-week high
Most of Wall Street holds more moderate views, with the consensus target parked at $512.27. Then came Stifel’s Ruben Roy, who lifted his AMD price target to $635 from $450 while keeping a Buy rating, pointing to a roughly 16% upside from current levels and standing well above the Street average. But can AMD realistically reach $635 by the end of 2026?
Ruben Roy’s $635 AMD Prediction Roy’s thesis is specific: AI infrastructure companies remain supply-constrained, not demand-constrained, and recent semiconductor softness looks like a valuation reset rather than a fundamental slowdown. He applied the same framework to Applied Materials ($650), KLA Corp ($270), Lam Research ($425), Ichor ($115), Cohu ($70), and Ceva ($50), framing a full picks-and-shovels AI trade. The data backs him: AMD’s Data Center revenue grew 57% year over year to $5.775 billion in Q1 2026.