Piper Sandler Sees Helios Ramp and OpenAI Driving AMD Upside

Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the AI Stocks in Focus on Wall Street. On January 26, Piper Sandler analyst Harsh Kumar raised the price target on the stock to $300.00 (from $280.00) while maintaining an “Overweight” rating.

The firm remains enthusiastic about AMD’s prospects as it heads into the year, highlighting 2026 ramp of Helios and OpenAI contract as major tailwinds.

Expecting Top-Line Upside of ~$200M; Overall, we remain very enthusiastic about AMD's prospects going into 2026 and into the March quarter guidance.

Piper Sandler pointed to expectations for meaningful revenue and earnings upside for the December 2025 quarter. It anticipates roughly $200 million of revenue upside, and an EPS upside of at least $0.02 relative to the Street.

The firm also sees potential for upside for the March quarter, even though it is likely to be relatively small due to the seasonal aspects of client, gaming, and even enterprise EPYC CPU business.

Beyond these near-term results, it anticipates both stock and company fundamentals to shine through in mid-2026 as the company gears up to ramp its Helios rack and its contract with OpenAI.

Piper Sandler also anticipates several OpenAI partners and customers to make announcements and purchase commitments between now and midyear.

Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications.

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