超威半导体：AMD——下半年略好，2027年显著更好

研报英文原文证据摘录

M

Update

August 5, 2026 05:22 AM GMT

Morgan Stanley & Co. LLC

Advanced Micro Devices | North America

Joseph Moore

Equity Analyst

AMD - 2H a little better, 2027

significantly better

Mason Wayne

Research Associate

Shane Brett

Equity Analyst

What’s Changed

Advanced Micro Devices (AMD.O)

From

To

Price Target

$410.00

$465.00

Ella Tulchinsky

Research Associate

Nicole Kozhukhov

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Near term numbers not surprising but commentary about 2027

data center revenue "significantly more than doubling" is

certainly positive commentary vs. our 80% estimates. #s higher;

we like the revenue growth but the warrant issuance tempers

our enthusiasm.

Key Takeaways

Quarter and outlook modestly above consensus, but below some of the more

bullish expectations coming out of last week's event. Our CY26/CY27 EPS comes

Advanced Micro Devices (AMD.O, AMD US)

Semiconductors | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

4.23

63.1

3.99

0.0

Server continues to be exceptionally strong, +70% y/y, with AMD now having line

Quarter

2025

Q1

Q2

Q3

Q4

0.96

0.48

1.20

1.53

We are EW; we like the server position and inroads in GPU but the premium to

7.67

7.41

67.8

7.47

0.0

15.54

14.19

32.0

13.82

0.0

23.30

18.97

21.4

19.53

0.0

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

GPU upside more limited in front of a Helios launch that is mostly in Q4

Equal-weight

Attractive

$465.00

$518.58

$875,085

$584.73-149.22

12/25 12/26e 12/27e 12/28e

up 3%/ 9%

of sight to similar or higher levels of growth over the next 6 quarters

2026e 2026e

Prior Current

1.85

2.56

1.37a

1.66a

1.93

2.69

2027e 2027e

Prior Current

2.65

3.22

3.84

4.47

3.00

3.55

4.17

4.77

…