Shares of Advanced Micro Devices Inc. AMD, +1.45% are up 8.9% in Thursday trading after the company reported its best quarterly profit in seven years. Jefferies analyst Mark Lipacis raised his price target on the stock to $22 from $19 following the report. "AMD execution seems to be improving as Intel's INTC, +0.69% appears to be getting worse," he wrote. " It expects to ship its 7-nanometer GPU this year, and its 7-nanometer EPYC 2 in 2019 - we think it will be at parity with Intel in manufacturing for the first time in recent history if not ever." Though AMD's third-quarter outlook came in below what analysts were expecting, "we think it will be viewed as beatable," Lipacis said. The stock is up 81% over the past 12 months, while the S&P 500 SPX, +0.29% has gained 14%.