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CLSA raised its AMD price target to $710 from $575 while keeping Outperform, lifting FY2027-2028 EPS estimates by 25-29% on lower gross margin dilution and opex control. The firm expects AMD to hit its $20 non-GAAP EPS target in 2027 (its estimate $20.25), driven by the MI-455 GPU rack at a $5M ASP with $3M BOM and late-40s to early-50s percent gross margins. CLSA notes AMD's peak FLOPS claims now exceed Vera Rubin and, adjusted for price, beat ASIC rivals, positioning AMD for the compute-starved AI market. The $710 target is 35x CY2027 non-GAAP P/E; CLSA acknowledges the lack of independent testing of the GPU as a caveat.