Advanced Micro Devices Inc. (NYSE: AMD) saw a strong price reaction on Tuesday after the graphics and processor outfit scored two positive research calls from analysts on and off of Wall Street. Both were effectively Buy ratings with solid upside to the target. The move puts a solid bias in favor of AMD over rivals such as Intel Corp. (NASDAQ: INTC) and NVIDIA Corp. (NASDAQ: NVDA), as we showed how one of the rival calls showed on Tuesday.

AMD’s larger analyst call came from Canaccord Genuity. The firm resumed its analyst coverage with a Buy rating and a $5.00 price target. The firm’s thesis was that AMD’s earnings recovery is being driven by diversified growth with a focus on operating margins.

This call was big for AMD because Canaccord Genuity sees AMD as better value against its direct competitors. Canaccord started Intel Corp. (NASDAQ: INTC) as a Hold and assigned a $29 price target. This is considering data center growth, but AMD is listed as key competition in servers, along with others. As far as NVIDIA Corp. (NASDAQ: NVDA), AMD has beat it out for the video game upgrade cycle in graphics and processing, and Canaccord only assigned a new Hold rating and $19 price target for NVIDIA. The firm said that it is awaiting several emerging opportunities to evaluate NVIDIA’s growth opportunity.

The other analyst upgrade came from Imperial Capital, which started AMD with an Outperform rating and also with an identical price target of $5 in the call.

While these calls are certainly positive and above the prior $4.12 consensus analyst price target, we would point out that AMD was among our own picks of nine stocks that could double in 2014 if their scenarios pan out as we expect. The difference here is that our date of that pick was when shares were closer to $3.50, so a double for that pick would be $7 rather than well over $8 now.

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While AMD hasn’t been getting the equity analyst calls from Wall Street that we think it deserves, it was just back on June 3 that Fitch Ratings upgraded AMD’s issuer default rating up to B- from CCC and assigned an Outlook Stable rating as well.

AMD’s biggest growth story is likely on graphics rather than grabbing more share of the PC processor market. While the latter is possible in the lower end machines and in servers, and in anything tied to graphics, the design wins for the Xbox One and PlayStation 4 processor and integrated graphics is the huge directional change for AMD.

Another potential boost is AMD’s customization model for the new wave of companies that are opting to build their own PC and server networks internally rather than buying off-the-rack. These companies generally tend to be supplier-agnostic, looking for whichever components are the best computing value for each dollar spent.

AMD shares were up 2.5% at $4.18 on more than 16 million shares right at noon on Tuesday. They were as high as $4.23 and the average daily volume is about 20 million shares. AMD shares have traded in a range of $3.04 to $4.65 over the past 52-weeks.

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24/7 Wall St. sees upside for many graphics and processing players ahead. AMD is far from coming without risks in its business model, but the company’s turnaround has only started in recent quarters and it could generate a potentially exponential growth opportunity for investors if the positive scenarios continue going AMD’s way.

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