Shares of semiconductor firm Advanced Micro Devices (AMD) have surged nearly 15% year-to-date, but analysts at Bank of America/Merrill Lynch contend there is more room to run.

The firm reiterated its "Buy" rating on AMD's stock, arguing that the company's new Ryzen processors launched in March are selling better compared to rival chips from Intel Corp.  (INTC) . The firm also reiterated its $18 price target, representing a 41% increase from Monday's close.

"Our industry checks show improving mindshare/shelf-space for AMD's new Ryzen desktop-PC processors, incl. 30%-50% share at prominent e-tailors, well ahead of AMD's 11% current desktop unit share," BofA analyst Vivek Arya wrote in a note obtained by CNBC. "The key conclusion is that AMD has momentum which should gradually translate to share gains."

Arya noted that the Ryzen line of chips boasts twice the amount of processor cores, yet are in a similar price bracket as products offered by Intel, which "translates to better multi tasking/productivity" performance.

"AMD is getting broader OEM [PC original equipment manufacturer] placement which should help accelerate sales in the second half," he wrote.

Shares of AMD rose 2.04% to $13.02 Tuesday.  

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