The hottest stock of 2019, AMD, is on the move again after an analyst hiked his price target

Nomura Instinet raised its price target on Advanced Micro Devices after the stock soared last year.

was a big winner of 2019, and several upcoming product launches has it poised for another big year, according to Nomura Instinet.

Analysts at Nomura Instinet raised their price target on the chipmaker's stock to $58 per share from $40 in a note to clients on Thursday. The new target represents at 26% premium over the latest closing price for the stock. Shares of AMD were up roughly 2% in pre-market trading on Thursday.last year. AMD posted a gain of nearly 150% in 2019.

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