The analyst boosted his price target on AMD to $58 from $40, and maintained his buy rating.
The new price target is 26% higher than AMD’s closing price Tuesday of $45.86. The average price target on shares of Advanced Micro Devices is $36.66, according to Bloomberg.
Shares of Advanced Micro Devices were rising 4.3% Thursday to $47.09.
Wong said Advanced Micro Devices should continue strengthening its competitive position in 2020 with a "steady stream" of new product launches in in the 7nm and 7nm+ technologies, according to The Fly.
AMD was rated the No. 4 stock of 2019 in TheStreet's Best Stocks of the Year round-up. TheStreet's Eric Jhonsa wrote that "AMD's story in recent years hasn't simply been a corporate version of David vs. Goliath, but one in which "David" has landed a few good blows against a much bigger nemesis that not too long ago had little trouble pushing him around ... and has richly rewarded those who bet on him."
Wong, meanwhile, boosted his price target on Applied Materials to $75 from $68. He also maintained his buy rating on the shares.
Applied Materials closed Tuesday at $61.04. The new price target implies a 23% increase. The average price target on Wall Street for Applied Materials is $67.84, according to Bloomberg.
The stock was rising 1.62% in trading Thursday to $62.03.
Wong said Applied Materials should benefit from a cyclical rebound in global wafer-processing equipment sales in 2020.