Shares of Advanced Micro Devices Inc. are up 1.7% in premarket trading Friday after RBC Capital Markets analyst Mitch Steves raised his price target on the stock to $66, which is now the highest target among analysts who cover the stock.

His new target, up from $63 previously, comes after a better-than-expected earnings report from AMD AMD, -2.11% peer Nvidia Corp. NVDA, -2.20% , which indicated to Steves that the market for gaming chips is healthy and the coronavirus is unlikely to impact full-year 2020 results for AMD.

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