On Monday, shares of semiconductor maker Advanced Micro Devices (AMD Quick QuoteAMD - Free Report) are once again up over 10% to $13.49 per share in afternoon trading after a bullish outlook from Barron’s as well as from its recent strong fourth quarter earnings results.

AMD outperformed the broader semiconductors industry over the last year, gaining 15% year-over-year. And estimates for 2017 are even brighter, with AMD shares expected to double in a year, according to Barron's.

The graphics chipmaker is set to regain the ground it has lost to rivals Intel (INTC Quick QuoteINTC - Free Report) and Nvidia (NVDA Quick QuoteNVDA - Free Report) over the last decade as AMD rolls out its new chip offerings, which help to fuel the vastly expanding cloud-computing market.

AMD launched Polaris, a new line of mainstream graphics cards in 2016. AMD is set to debut its new Ryzen CPU in early March along with Vega, a high-end GPU.

"We met our strategic objectives in 2016, successfully executing our product roadmaps, regaining share in key markets, strengthening our financial foundation, and delivering annual revenue growth," said AMD CEO Lisa Su in a press release. "As we enter 2017, we are well positioned and on-track to deliver our strongest set of high-performance computing and graphics products in more than a decade."

AMD moved to a Zacks Rank #3 (Hold), after it was listed at Zacks Rank #2 (Sell) early last week. The company currently holds a 32% of the share of the multibillion-dollar graphics chips industry.

Stocks that Aren't in the News…Yet.

You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015 with a stellar average gain of +26% per year. See these high-potential stocks free >>