AMD just hit its highest level in more than a decade

In this Sept. 10, 2007 file photo, a staff technician presents a 300 millimeter chip wafer at Advanced Micro Devices Inc. (AMD) in Dresden, eastern Germany. Advanced Micro Devices Inc. on Tuesday, April 21, 2009 announced its first-quarter loss widened as demand and prices for its microprocessors slumped and heavy restructuring charges took their toll. Shares fell more than 6 percent in after-hours trading on disappointing guidance.AP Photo/Matthias Rietschel

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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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