AMD just hit its highest level in more than a decade
- AMD surged more than 4% after a price target increase from Rosenball on Thursday.
- The stock is currently at its highest level in more than a decade.
- Follow AMD's stock price in real-time here.
Shares of AMD surged more than 4% Thursday to hit $21.94, their highest price since December 2006.
Thursday's move came shortly after Rosenblatt Securities raised its price target on AMD shares to $30 from $27, citing competitor Intel's slow move to 10 nanometer chips. The firm's target is the highest on the Street and 66% above analysts' average of $18, according to Bloomberg.
"AMD never planned or expected Intel to have 10nm delays in their own product planning from years' back and acknowledges that a historical window of opportunity has opened," analyst Hans Mosesmann said in a note to clients, per CNBC. The insight comes after hosting institutional investor meetings with the company's CFO and head of investor relations.
AMD will roll out its 7 nanometer chips later this year, even smaller than Intel's 10 nanometer chips -a size AMD is already producing - which will come in 2019, the company has said.
Thursday's surge also follows a stellar earnings report from AMD, which easily topped Wall Street's expectations and sent the stock up more than 9%.
Shares of AMD have climbed 98% this year, easily outperforming the benchmark S&P 500 index's 6% gain.
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