Advanced Micro Devices (AMD) and Intel (INTC) are preparing to report earnings as demand for AI chips supports the semiconductor sector. However, Susquehanna analyst Christopher Rolland sees a stronger case for AMD. He raised AMD’s price target to $620 from $550 while keeping his Positive rating. For Intel, he cut the target to $105 from $115 and maintained his Neutral rating.
Rolland is a five-star analyst on TipRanks, ranking #48 out of 12,536 analysts tracked. He has a 59% success rate and an average return per rating of 37.40%.
Susquehanna Sees AI Demand Supporting Chip Stocks
AMD is scheduled to report its Q3 2026 results on November 3. Wall Street expects earnings of $1.94 per share on revenue of $13.08 billion. In Q2 2026, AMD reported earnings of $1.66 per share and revenue of $11.54 billion. The company’s data-center business has also been a source of growth. In Q2, data-center revenue rose 107% year over year to $6.7 billion, driven by demand for EPYC processors and Instinct GPUs.
Meanwhile, Intel will report its Q3 2026 results on October 29. Analysts expect earnings of $0.40 per share on revenue of $16.50 billion. In the previous quarter, Intel reported earnings of $0.42 per share and revenue of $16.13 billion.
Ahead of the earnings reports, Susquehanna expects “modest upside” in Q3 semiconductor results and Q4 guidance. The firm said AI demand should drive much of the potential upside, while the broader semiconductor upcycle could also support results. Its data showed chip lead times extending by about two weeks for a second straight quarter. Susquehanna also expects further price increases in Q4 2026 and into 2027.
However, PC demand remains a concern for both AMD and Intel. Susquehanna said PC makers’ production plans are below earlier expectations and forecast weaker-than-seasonal client results in the second half of 2026. To meet rising AI server chip demand, both firms are shifting wafer capacity from PCs to servers.
This shift could help them serve demand for agentic AI applications, which can carry out tasks with less direct human input. But the gains will depend on how much extra server capacity chipmakers can bring online.
AMD vs. Intel: Which Stock Has More Upside?
According to TipRanks’ Stock Comparison data, AMD has a Strong Buy consensus rating, while Intel has a Hold rating. AMD’s average analyst price target of $663.28 implies 30.58% upside from current levels. Meanwhile, Intel’s average analyst price target of $111.68 suggests 30.64% upside potential.
