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Chipmaker Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report got a nod from analysts at Citic Securities on Thursday, who initiated coverage on the stock with a buy recommendation and a one-year price target of $35 amid what they see as a promising lineup of new products. 

In a research note, Citic Securities analyst Zheng Zeke said he expects the next two years of CPU business to increase share for AMD due to the release of new products, which in turn will help boost revenue and improve gross margins.

On Tuesday, Sony confirmed that its next-gen PlayStation console will be released in the first quarter of 2020, and will be powered by a custom AMD processor based on the company's recently launched "Navi" architecture, a code name for the company's most recent graphics processors.

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Analysts surveyed by FactSet currently have a median 12-month stock-price forecast on AMD of $33, with a high estimate of $44 and a low estimate of $8.

Shares of AMD were up 1.32% at $28.84 in trading on Thursday. The company reports third-quarter earnings on Oct. 18.