Advanced Micro Devices’s (AMD) future is “uncertain” with its new line of “Polaris” graphics chips, and its “Zen” microprocessor, writes Bernstein’s Stacy Rasgon.

Nevertheless, he also concedes the difficult of betting against its stock, and raises his rating to Market Perform from Underperform, citing the “dreamers” who are bound to support shares for some quarters to come.

"Our...