Mizuho Hikes AMD Target to $515 on Agentic AI Demand

Mizuho has raised its price target for Advanced Micro Devices, or AMD, to $515 from $415. This is due to the growing demand for server CPUs and accelerators driven by agentic AI. Mizuho maintains an Outperform rating on AMD. The firm believes AMD has a structural advantage because it supplies both orchestration CPUs and inference GPUs. This positions AMD to benefit as agentic workloads transform data center architecture. Agentic systems require continuous inference and longer context windows, heavily relying on both accelerators and general-purpose CPUs. AMD's EPYC server CPUs handle orchestration, while its Instinct MI300/MI350 accelerators manage inference workloads. AMD's recent Q1 2026 report showed revenue of $10.253 billion, up 38% year over year. Its Data Center segment revenue grew 57% to $5.775 billion. The company expects the server CPU market to grow over 35% annually, reaching $120 billion by 2030. This indicates Wall Street sees AMD as a key player in the next phase of AI infrastructure development.