Goldman Sachs reiterated a Neutral rating and $210 price target on Advanced Micro Devices Inc. (NASDAQ: AMD) following the company's 2025 Financial Analyst Day, where management unveiled long-term targets that exceeded Wall Street expectations.

AMD shares surged more than 10% intra-day on Wednesday after executives delivered an upbeat presentation outlining growth prospects across AI GPUs and CPUs, supported by a strong data center expansion plan.

The investment bank said AMD's financial targets were achievable but depended on meaningful gross margin improvement, operating expense leverage, and scaling opportunities linked to key customers such as OpenAI.

Goldman acknowledged the company's progress on its data center GPU roadmap and continued strength in its CPU segment but maintained a neutral stance, citing the model's reliance on the OpenAI partnership as a key driver of future growth. The firm added that it could turn more positive if it gains confidence in the revenue trajectory and execution timeline over the next few quarters.