Advanced Micro Devices' new chips will take big market share from its competitors this year, according to Wall Street.

The chipmaker reported better-than-expected fourth-quarter earnings results Tuesday. AMD also gave revenue guidance for the March quarter significantly above Wall Street expectations.

Wells Fargo Securities reiterated its outperform rating on AMD shares, predicting strong sales for its latest chips.

"With a solid lineup of new products that significantly improves AMD's competitive position in desktop, notebook and server processors and graphics processor units (GPUs), we think AMD is positioned to show consistent market share gains through 2018," analyst David Wong wrote in a note to clients Wednesday.

The company's shares are up 5 percent Wednesday and have now risen 31 percent this month, compared with the S&P 500's 6 percent return. That performance ranks No. 3 in the entire , according to FactSet.

Wong reaffirmed his $18 price target for AMD shares, representing 40 percent upside to Tuesday's close.

The analyst noted AMD reported its second consecutive quarter of record revenue in its graphics chip business due to rising average selling prices and unit sales.

In similar fashion, another analyst is optimistic about the company's product sales for 2018.

"Another beat and raise as AMD is executing on all fronts," Rosenblatt analyst Hans Mosesmann wrote in a note to clients Wednesday. "We believe 4Q17 was an inflection point in CPU market share (AMD up mid-teens q/q and well over 50% y/y), that will continue in 2018."

Mosesmann reaffirmed his buy rating and raised his price target to $27 from $22 for AMD shares. He noted the strong business trends in the gaming and cryptocurrency mining markets for the company's graphics segment.

Mizuho reiterated its buy rating on AMD shares, citing the company's inexpensive valuation.

"We believe some of the near-term gaming, VR and semi-custom ramps and new licensing deals should be positive for AMD," analyst Vijay Rakesh wrote Wednesday. "AMD trades at a discounted valuation given its debt load, technology challenges and PC exposure."

— CNBC's Michael Bloom contributed to this story.