Jefferies predicts AMD shares can go higher even after the chipmaker stock's stunning rise this year.

The firm raised its price target for AMD shares to $36 from $30, predicting big market share gains for the chipmaker due to Intel's processor shortages. Jefferies also reiterated its buy rating for the shares.

Analyst Mark Lipacis cited a report from research firm Fubon, which said HP will adopt AMD processors for up to 30 percent of its consumer PCs next year and Dell will use more AMD chips for its commercial PC line.

As a result, the analyst predicts AMD may be able to triple its market share to 30 percent of the processor market from 10 percent today.

"Fubon's report that Intel will undersupply the PC market between 4Q18 and 2Q19 leaves us with higher conviction that AMD will report improving revenue, pricing and margins near term, and that is positioned to take share in the high end PC MPU and server market long term," Lipacis said Friday in a note to clients titled "INTC Supply Constraints = Multi-Fold Benefits to AMD."

AMD shares dipped 0.5 percent Friday, however.