Wednesday was a good day to be an Advanced Micro Devices (NASDAQ: AMD) shareholder. The veteran chipmaker's stock rose by more than 2% against the S 500 index's sub-0.5% advance. Investors were encouraged by a price target hike from an analyst at a prominent bank.

Bank of America analyst Vivek Arya has gotten more bullish on AMD stock. He now expects it to reach $105 per share in the next 12 months, up from his preceding target of $95 per share. He left his neutral recommendation on the shares intact, however. AMD stock closed Wednesday's trading session at $97.02.

Although it wasn't immediately known why Arya boosted his price target, his view on the tech stock is a bit out of the mainstream. According to a recent article on his move in Investing.com, AMD is tagged with 29 buy recommendations and only 13 neutral/holds. No analysts have sell recommendations on the stock.

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Source Fool.com