So what's got AMD stock moving higher on earnings? The company beat on earnings per share and revenue expectations, with the latter growing 18.2% year over year. Guidance suggests revenues could come in about 8% above consensus estimates of $1.39 billion.

Rather than get into too many details, let TheStreet's tech guru Eric Jhonsa tell you about AMD and what its results mean. Instead, we'll look at the mixed analyst commentary on Wall Street.

Analysts at BMO downgraded shares of AMD to market perform and assigned a $15 price target, which is relatively close to where the stock is trading now. However, others were more positive. Analysts at Baird initiated the stock with an outperform rating and $20 price target, implying another 30% of potential upside.

Others weighed in too, although it didn't do much to add clarity.

Citigroup's Christopher Danely reiterated his sell rating, but raised his price target to $5, from $4. Should that come to fruition, AMD stock would tumble nearly 70% from current levels. Danely acknowledged the company's market share gains and strong quarterly results. But he also pointed out that Advanced Micro Devices continues to lose money while its valuation rests near an all-time high. AMD is also making low-end, low-margin products, he reasoned.

Of course, Danely's view conflicts with what Canaccord's Matthew Ramsay saw in Advanced Micro Device's quarterly results. Ramsay saw strong guidance for next quarter, particularly in revenue and gross margins. He finds these metrics as solid evidence the company's turnaround is gaining momentum, not losing it. For his part, he reiterated his buy rating and like Baird, is using a $20 price target.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.