Shares of Advanced Micro Devices Inc. AMD, +1.45% are up 0.8% in premarket trading Friday after Jefferies analyst Mark Lipacis raised his price target on the stock to $36 from $30. He maintained a buy rating. Lipacis cited a report from Fubon Research that said Intel Corp. INTC, +0.69% would undersupply the market through the middle of next year. The report "leaves us with higher conviction that AMD will report improving revenue, pricing and margins near term, and that is positioned to take share in the high-end PC MPU and server market long term," Lipacis wrote. He also said that AMD seems to be "creating a foothold in the higher end commercial desktop and server markets." The stock is up 133% over the past 12 months, while the S&P 500 SPX, +0.29% has gained 17%.