Raymond James upgraded AMD to Strong Buy from Outperform and raised its price target to $641 from $565, citing server CPU demand tied to agentic AI and projecting AMD could overtake Intel in server CPUs by 2027. AMD shares rose 4.9% Tuesday to $479.18 and another 1.15% Wednesday to $484.69, while BMO Capital Markets initiated coverage with an Outperform rating and a $550 target, highlighting AMD’s Helios AI rack, which it expects to ship in September. Raymond James expects the CPU market to grow at a 44% compound annual rate to roughly $201 billion by 2030, including about $168 billion linked directly to artificial intelligence. The broader analyst case centers on CPUs that organize workflows, manage data and keep accelerators fully utilized as AI systems become more complex, rather than on AMD directly displacing Nvidia in AI accelerators. AMD has gained roughly 120% this year but remains about 18% below its June record near $584.73 and trades at more than 120 times trailing earnings. The stock has a Buy consensus rating and an average price forecast of $595.91.