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Shares of Advanced Micro Devices Inc. (NASDAQ: AMD) surged on Tuesday based on the daily research reporting. Nomura/Instinet analyst David Wong reiterated his Buy rating and raised his target to $37 from $33. Wong’s report implied upside of 15.5% from Monday’s closing price. AMD shares closed up 3.5% at $33.15 on Tuesday after the nudge higher.

While the company has continued to be in turnaround mode, Wong is now more optimistic about AMD’s new Ryzen desktop CPUs and APUs. He is also more positive on AMD’s new Navi GPUs. He sees this helping AMD’s effort to continue gaining market share in the desktop processor market. That share is now expected to grow from about 17% at the start of 2019 to almost 20% by the end of this year.

By keeping the average sales price of the desktop processors close to $90 or more through 2019, that would be up from closer to $50 that had been seen back prior to 2017. AMD’s recent strong execution is also expected to help the company gain market share.

Tuesday’s analyst call somewhat echoed a call from Wedbush Securities at the end of June favoring AMD and Nvidia over rival Intel, and that call predicted a much harder time for Intel ahead.

AMD’s shares had been down almost 1% early in Tuesday’s early trading indications, but AMD shares closed up 3.5% at $33.15 on the day. The Refinitiv consensus analyst target price was still down at $30.54, but the street-high target was last seen at $43.00. The shares were up close to 75% so far in 2019, and the 52-week range is $15.72 to $34.30. AMD now has a market cap of almost $36 billion.

While upside of 15.5% sounds strong, the new adjusted post-call share price would imply upside of almost 12%. That compares to traditional upside of 8% to 10% at this stage of the bull market for most Buy and Outperform rated stocks in the large-cap to mid-cap range of companies.

Nomura/Instinet had initiated its Buy rating on April 3, when shares had previously closed at $26.75, and the shares closed at $29.02 after that call.