AMD's new enterprise chips will gain big share this year, according to one Wall Street firm.

Stifel raised its price target for AMD's stock to $17 from $14, representing 24 percent upside to Thursday's close.

The firm predicted the company will hit management's forecast of mid-single-digit server chip market share by year-end versus its less than 1 percent share at the end of 2017.

"We continue to see AMD meeting its product introduction milestones which is increasing their customers' confidence in adopting" AMD processors, analyst Kevin Cassidy said in a note to clients Thursday. "Now we see end demand forecasts for PCs, servers and graphics add-in-cards as increasing … we believe AMD's EPYC server CPU is winning server designs and AMD's broader PC CPU offering will allow AMD to outperform the market."