AMD just posted its strongest quarter as an AI company. The stock surged nearly 18% on the day. And one analyst responded by nearly doubling his price target.

The move from Bernstein is not a routine post-earnings trim. It is a fundamental reassessment of what AMD is worth and where it is heading.

What Bernstein changed on AMD

Bernstein upgraded Advanced Micro Devices to Outperform from Market Perform on May 6, raising its price target to $525 from $265. The $260 increase in the target is the largest single-note move on AMD from any major firm in recent memory.

The firm’s note described AMD’s Q1 results as “very good,” with data center, client, and gaming all coming in above expectations, according to TipRanks. Bernstein…