Shares of Advanced Micro Devices Inc. AMD, -2.11% rose more than 3% in early trading Monday after MKM Partners analyst Ruben Roy came out incrementally more upbeat on the company's immediate prospects. Though he still has a neutral rating on shares, Roy thinks that AMD looks positioned to deliver better-than-expected results for its December quarter as well as a stronger-than-anticipated forecast for its March quarter. The company reports earnings Tuesday. Roy cites "recent positive data points around the PC, server, and cryptocurrency mining markets" as reasons for his optimism, and he believes that most of the "upside delta" will come from the crypto side of the business. He raised his fair value estimate on shares to $14.50, from $13. Though he sees room for upside in the near-term, he's more cautious looking further ahead. "From a longer-term perspective, we continue to view the crypto market from a conservative stance and while we continue to appreciate AMD's recent execution, we have yet to see evidence of meaningful share gains with the company's recently introduced product families," Roy wrote. AMD shares opened at $13.13, 1.4% higher than Friday's close, and quickly moved higher for a gain of more than 3%. The stock has gained 23% over the past 12 months, with the S&P 500 Index SPX, -1.11% up 25% in that time.