What happened 

Shares of Advanced Micro Devices (AMD -1.20%) rose 4.9% on Wednesday, following positive analyst commentary.  

So what

On Tuesday, Wells Fargo analyst Aaron Rakers reiterated his overweight rating on the chipmaker's stock. He argued that rival Intel's (INTC -1.26%) production delays for its most advanced chips are an opportunity for AMD to continue to gain share in the massive server market.

A digital bull is climbing a rising stock chart.

Wall Street is growing more bullish on Advanced Micro Devices' stock. Image source: Getty Images.

Today, Bank of America analyst Vivek Arya also repeated his buy rating on AMD's shares. Arya believes the bears are overstating the competitive risks posed by rival chipmakers. Moreover, with AMD underperforming both the S&P 500 and the PHLX Semiconductor Sector Index so far in 2021, he posits that its stock price has "catch-up potential" in the year ahead.

Now what 

Intel's struggles have been a boon for AMD. Share gains in the server CPU market have helped to drive AMD's sales and profits sharply higher. Its revenue and net income soared 93% and 243%, respectively, to $3.4 billion and $555 million, in the first quarter of 2021. 

Intel's manufacturing delays could allow AMD to take even more market share in this important segment. If they do, the chipmaker's financial results will likely continue to impress investors in the coming quarters.