This article first appeared on GuruFocus.

Bank of America is becoming more bullish on Advanced Micro Devices (NASDAQ:AMD), raising its price target as the chipmaker strengthens its position in the processor market.

Analyst Vivek Arya increased his price target to $700 from $650 while maintaining a Buy rating. The revised target reflects confidence in AMD’s product lineup, processor performance and execution of its upcoming Zen 6 architecture, according to a Thursday report cited by TipRanks.

Arya also highlighted AMD’s advantages in clock speeds, core counts and thread counts, along with improved visibility into product supplies. These factors support his view of the…