Chipmaker Advanced Micro Devices (AMD - Get Report) got an out-of-the-gate thumbs up from Citic Securities on Thursday, which initiated coverage on the stock with a buy recommendation and a one-year price target of $35 amid what it sees as promising upside related to Sony's upcoming PlayStation 5 video game console. 

In a research note, Citic Securities analyst Zheng Zeke said he expects the next two years of CPU business to increase share for AMD due to the release of new products, which in turn will help boost revenue and improve gross margins.

On Tuesday, Sony confirmed that its next-gen PlayStation console will be released in the first quarter of 2020, and will be powered by a custom AMD processor based on the company's recently launched "Navi" architecture, a code name for the company's most recent graphics processors.

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