Advanced Micro Devices, Inc. (NASDAQ:AMD) shares rose nearly 10% to $5.76 in pre-market trading Friday, after the chip giant posted stronger than expected second-quarter results with revenue of $1.02 billion well above consensus estimates of ~$950 million, returning the company to non-GAAP operating profitability ahead of expectations.

In reaction, Canaccord analyst Matt Ramsay raised his price target for the stock to $6.50 (from $6.00), while reiterating a Buy rating.

The analyst wrote, “with several catalysts still to come, our recently upgraded BUY thesis remains intact. In fact, with an improved GPU and x86 CPU roadmap now on leading FinFET process nodes, recent business divestitures and IP licensing deals infusing cash to lessen balance sheet risks, and with a gaming console upgrade cycle catalyzed by 4K and virtual reality (VR), AMD is in a solid position to drive further growth in both divisions heading into 2H/16 and 2017. While we recognize that roadmap execution, competition and financial risks remain, we remain impressed with the new management team and our estimates assume only modest share recovery in core markets that should yield material upside to consensus and a quick recovery to solid profitability given lower expenses necessitated by the company’s recent struggles. Given several potential upside call options remain, we believe risk/reward remains unbalanced to the upside despite the recent stock move.”

Out of the 12 analysts polled by TipRanks (in the past 3 months), 4 rate Advanced Micro Devices stock a Buy, 3 rate the stock a Hold and 5 recommend Sell. With a downside potential of 11%, the stock’s consensus target price stands at $4.64.

Pandora Media Inc (NYSE:P) shares are down 6% to $11.28 in pre-market trading, following lower-than-expected second-quarter results. Revenue of $343 million was about 2.5% below Consensus estimates at $352 million, and below guidance of $345-355 million. Q3 revenue guidance of $360-370 million was below Consensus estimates of $378 million.

Wedbush analyst Michael Pachter reacted, “We are reducing our non-GAAP FY:16 estimates for revenue to $1.41 billion from $1.44 billion, for Adjusted EBITDA to $(59) million from $(50) million, and for EPS to $(0.36) from $(0.27) to reflect Q2 results and updated guidance. We are reducing our non-GAAP FY:17 estimates for revenue to $1.81 billion from $1.92 billion, while increasing our estimates for Adjusted EBITDA to $62 million from $(40) million, and for EPS to $(0.02) from $(0.26).”

“Given Pandora’s intent to expand internationally at a high investment rate and to roll out an ondemand service, we value Pandora at a EV/revenue multiple of ~2x 2018 levels, discounted back two years at an 8% discount rate. Having said that, we think in the near-term shares will remain range bound until investors gain confidence in the new management team,” the analyst concluded.

Out of the 34 analysts polled by TipRanks, 18 rate Pandora Media Inc stock a Buy, 15 rate the stock a Hold and 1 recommends Sell. With a return potential of 43.3%, the stock’s consensus target price stands at $17.20.