The AMD Analyst: Harsh Kumar upgraded the rating for Advanced Micro Devices from Neutral to Overweight, while raising the price target from $98 to $140.

The AMD Thesis: The company’s core businesses are performing “really well,” benefiting from secular trends, Kumar said in the note.

See Also: AMD Reports Record Performances All Around In Beat-And-Raise Q1

“Within PCs, we see continued share gains in the broader PC market, along with very strong traction in the commercial market,” the analyst wrote. He added that the server trends remain strong.

“Xilinx appears to be making a solid contribution out of the gate, with three quarters of 20%+ growth,” Kumar stated.

AMD Price Action: Shares of Advanced Micro Devices had risen by 6% to $100.06 at the time of publication Tuesday.