Is AMD Stock Heading to $600 per Share?

AMD stock has surged 160% in 2026 and nearly reached $600 per share in late June, but analyst Keithen Drury argues the stock is overvalued. Trading at 61x forward earnings compared to Nvidia's 30.2x, AMD has priced in nearly two years of growth despite solid 38% YoY revenue growth and expected 44% growth for 2026. While AMD's data center division grew 57% YoY, the analyst suggests investors can find better values elsewhere in the market.