Shares of AMD (AMD) are on the rise after Rosenblatt analyst Hans Mosesmann increased his price target on the shares to $30 from $27 on renewed conviction in the company’s multi-year double-digit growth profile.

SUSTAINABLE DOUBLE-DIGIT GROWTH: After hosting institutional investor meetings last week with management, Rosenblatt’s Mosesmann raised his price target for AMD shares to $30 from $27 on renewed conviction of a multi-year double-digit growth profile. The analyst added that he was “impressed by the deep dives long-focused investors are doing in the name after many years of disregard”. Along with both key game console wins to stabilize the business and CFO Devinder Kumar’s expertise on the financial side this multi-year effort is paying off, he contended.

Mosesmann also highlighted that AMD CEO Lisa Su’s “understated and strong leadership” along with consistent messaging to investors/customers has garnered “significant accolades”. Datacenter server unit share goal for the fourth quarter is “solid,” he argued, adding that 10% of the server market 4-5 quarters thereafter will be the next goal, which management believes will be driven by both EPYC 14nm and 7nm. Additionally, Mosesmann told investors this morning that “contrary to conventional wisdom,” AMD is not basing its server strategy on lower prices but are focused instead on compute “performance”. Given AMD’s success over the past several quarters, consolidation, and disarray in certain quarters in Silicon Valley, the company is seeing an important influx of engineering and management candidates, the analyst noted. He views heightened interest within the industry to desire to be at the company as a good indicator for investors to consider going forward.

PRICE ACTION: In afternoon trading, shares of AMD have gained about 5.3% to $22.02.