Wedbush 在 AMD 财报前两周发看多预览：维持 Outperform、600 美元目标价，预期服务器 CPU 与 Helios 为看点

AMD ( AMD ) is set to report fiscal third-quarter results on Nov. 3 and Wedbush Securities is expecting the company's server CPU business to be a major focus for investors, along with the ramp of its Helios accelerators. “AMD guided 3Q26 revenues to ~$13.0B +/- $300M (~13% Q/Q, ~41% Y/Y) with GMs of ~56%, and our estimates ($13,019M, 56.0%, and $1.93) sit essentially at the mid-point and just below consensus ($13,079M, 55.9%, and $1.95),” Wedbush analyst Matt Bryson wrote in a note to clients. “Management raised its server outlook to >80% Y/Y growth in 2H26. However, with compute demand tied to agentic AI continuing to outrun supply, we see server CPU as the most likely source of upside versus consensus and our numbers. Note that better demand here could also drive better margins).” Bryson has an Outperform rating and a $600 price target on AMD. Delving deeper, Bryson said the company's guidance and commentary about 2027 is likely to have greater importance, given the run-up in the shares year to date. “We model 4Q26 revenues of $15,788M (+21% Q/Q) and EPS of $2.30 versus consensus of ~$16.2B and $2.65,” Bryson added. “While our EPS is sub-consensus, we would also note the likely probability we are underestimating Helios shipments, as we haven't been able to garner solid data points to update our expectations. We are looking for management to reiterate their prior outlook for data center revenues to more than double in 2027 (albeit likely off a higher 2026 base), updates on Helios volumes (which management noted were tracking ahead of its initial forecast), and progress on Anthropic’s planned deployment of up to 2 GW of MI450 Series GPUs (with the first gigawatt beginning in 1H27).”