Shares of semiconductor company Advanced Micro Devices
(AMD) - Get Report were up more than 1.5% to $27.67 on Wednesday after analysts at Cowen raised the company's price target to $33 from $28.
Cowen's price target represents a potential 21% upside from the stock's closing price Tuesday of $27.24. The firm maintained its outperform rating on the stock.
The upgraded outlook is a result of the firm's belief that AMD's near-term product launches in the second half of the year will provide long-term top- and bottom-line benefits.
Cowen said that it is "increasingly confident" that the company's product launches will help it keep its "competitive positioning" against rival Intel
(INTC) - Get Report .