Piper Sandler believes that Advanced Micro Devices stock shares have risen in value after this year’s big pullback. The chip stock is down 34.5% this year — underperforming the S & P 500’s 15.9% decline this year — and off its November highs by 42.7%. Piper Sandler raised AMD’s rating to overweight from neutral. It also raised the price target to $140, from $98, which represents a 48.6% gain from Monday’s close. Piper Sandler’s Harsh K. stated in a Tuesday note that there are two things in investment: 1) “You can’t time the market so don’t try” and 2) “Buy good businesses when they’re down.” Kumar spoke out about AMD, saying that AMD is benefiting from recent price movements. Piper Sandler says AMD’s core operations are performing well. The company also benefits from industry trends. It stated that its initial prediction of a slowing PC industry has been disproven. We believe that the weakening of the wider PC market stems mainly from the market’s lower end. According to Kumar, AMD’s entry into the commercial market was a natural move. AMD is expected to expand its market leadership, especially on the commercial side. Kumar explained that AMD’s position on the PC front is superior to its primary rival due to AMD’s strong presence in the market. Piper Sandler thinks AMD’s June investor day could prove to be a positive catalyst. —CNBC’s Michael Bloom contributed reporting.