BofA raises AMD price target to $720

AMD BofA raised the firm's price target on AMD to $720 from $620 and keeps a Buy rating on the shares. Agentic AI requires compute across the system and the Anthropic/Akamai CPU infrastructure deal "further supports CPU importance in the agentic era," says the analyst, who models the server CPU total addressable market growing from $61B calendar year 2026 to $211B in calendar 2030. The firm raised its calendar 2027 and 2028 estimates for AMD by 2% and 3%, respectively.