In a research report issued Thursday, Wells Fargo analyst David Wong reiterated an Outperform rating on shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), while raising his valuation range to $5.50 to $6.50 (from $4.00 to $6.50). The reports comes after the company launched its Radeon RX 480, AMD’s first Polaris-based graphics processor to deliver virtual reality capability.

Wong wrote, “AMD has delivered on its promise to offer availability of its first 14nm Polaris product, the Rx 480 on June 29. It appears that at least the 8GB version of the Rx 480 card is in stock and available for immediate purchase from a number of retailers. Although Nvidia has already launched two high end 16nm products in its next generation Pascal family with prices at $379 and up, Nvidia does not as yet have a Pascal offering for the $199 and $249 mainstream, volume portion of the market which the Rx480 addresses […] We think AMD’s successful launch of Polaris will help AMD build on the graphics revenue share momentum it demonstrated in the March 2016 quarter.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Wong has a yearly average return of 12.3% and a 68% success rate. Wong has a 11.2% average return when recommending AMD, and is ranked #153 out of 3990 analysts.Out of the 20 analysts polled by TipRanks, 6 rate Advanced Micro Devices stock a Buy, 9 rate the stock a Hold and 5 recommend Sell. With a downside potential of 35.9%, the stock’s consensus target price stands at $3.26.