Read What Makes Daiwa Bullish on AMD

A chip the size of a coin, used in central processing units and graphic processing units developed by the U.S.-headquartered Advanced Micro Devices (AMD) is displayed during a press conference held in Taipei, Taiwan, on May 24, 2011. Sam Yeh/AFP via Getty Images

Daiwa analyst Louis Miscioscia upgraded Advanced Micro Devices Inc to Buy from Outperform with a price target of $150, up from $140. The price target implies an upside of 14.7 percent.

The analyst cites the recent pullback in the shares for the upgrade.