Wells Fargo analyst David Wong reiterates an Outperform rating on AMD with an $18 price target after hosting investor meetings with management. The stock closed yesterday down 7c to $16.25.

Revenue growth, improving margins and demonstration of sustainable profitability will drive AMD's stock value in the future, Wong tells investors in a research note.

He believes AMD is well positioned for "meaningful market share gains" through the rest of 2018 and into 2019 given its "solid lineup" of new products in server, desktop and notebook processors, and graphics processor units. AMD's share momentum in microprocessors more than offsets the near-term risk of falling cryptocurrency demand, Wong contends.