Shares of semiconductor company Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. 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 Intel Corporation (INTC) Report

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