The hottest stock of 2019, AMD, is on the move again after an analyst hikes his price target

Advanced Micro Devices was a big winner of 2019, and several upcoming product launches has it poised for another big year, according to Nomura Instinet.

Analysts at Nomura Instinet just raised their price target on the chipmaker's stock to $58 per share from $40. The new target represents at 26% premium over the latest closing price for the stock. Shares of AMD rose more than 7% on Thursday.

In a note to clients on Thursday, Nomura Instinet maintained its buy rating on the stock, which had the biggest gain in the S&P 500 last year — nearly 150%.