Last week, Advanced Micro Devices, Inc. (NASDAQ:AMD) completed $700 million convertible debt of its senior notes due in 2026, converted to stock at an $8.00 per share strike price, while issuing $600 million in common stock equity financing at $6 per share.

On back of this, Canaccord analyst Matt Ramsay believes the semiconductor giant is in an excellent position of financial and manufacturing flexibility, particularly following AMD’s recent GlobalFoundries wafer supply agreement as well as its WSA restructuring.

The analyst reiterates a Buy rating on shares of AMD with an $8.50 price target, which represents a 44% increase from where the stock is currently trading. Additionally, Ramsay boosts his 2016 and 2017 EPS estimates from $(0.18) to $0.10 and from $(0.16) to $0.17 when taking into account the added 120 million shares the analyst sees as offset by lower interest expenses.

“Overall, with new Polaris/Vega GPU and Zen CPU roadmaps now on track with multiple n-node sources of supply and AMD’s position secure with gaming console suppliers Microsoft and Sony, we believe AMD is much better positioned than in recent years. While we recognize that roadmap execution, competition and financial risks remain, we remain impressed with the new management team and still anticipate a quick recovery to solid profitability given prospects for topline growth given a much stronger product roadmap and due to lower expense levels necessitated by the company’s recent struggles. Finally, we believe risk/reward for AMD shares remains unbalanced to the upside despite the recent stock move and could quickly recover from recent volatility,” he concludes.

As far as Ramsay’s views are concerned, he would be a buyer regardless of stock weakness on the heels of what he believes will be crucial, strategic moves for the company’s long-term success.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, five-star analyst Matt Ramsay is ranked #331 out of 4,124 analysts. Ramsay has a 57% success rate and yields 7.4% in his annual returns. However, when recommending AMD, Ramsay loses 5.6% in average profits on the stock.

TipRanks analytics indicate AMD as a Hold. Based on 15 analysts polled in the last 3 months, 4 rate a Buy on AMD, 5 maintain a Hold, while 6 issue a Sell. The consensus price target stands at $5.24, marking an 11% downside from where the shares last closed.screen-shot-09-12-16-at-04-16-pm