HSBC analyst Frank Lee upgraded Advanced Micro Devices Inc. (AMD) from a 'Hold' to a 'Buy' rating, doubling the price target from $100 to $200. The upgrade, announced in early July 2025, was driven by strong expectations for AMD's AI chip pipeline, particularly the MI350 and MI355 GPU series. HSBC highlighted that the MI355 GPUs could command an average selling price of $25,000, significantly higher than prior estimates of $15,000, which could lead to substantial upside in AMD's AI revenue forecasts through fiscal year 2026. The bank also noted that AMD's AI revenue projections are approximately 57% above consensus estimates, reflecting the company's competitive position against peers such as Nvidia (NVDA). Following HSBC's upgrade, Susquehanna also raised its price target for AMD to $210 from $135, maintaining a 'Positive' rating and signaling continued confidence in AMD's growth potential driven by AI chip pricing and demand.