Shares of chip maker AMD rose more than 6 percent in morning trading Monday, extending last week's momentum and posting strong returns for the third straight day of trading.
The stock jumped more than 7 percent to a new 52-week high around 11 a.m. ET. Shares closed up 7.6 percent Friday on positive analyst outlook. That follows a 6.7-percent gain Thursday after Rosenblatt Securities raised its price target for AMD shares to a new Street high.
Analysts are generally bullish on the company's cloud computing business and its planned launch of smaller, faster 7 nanometer chips. The company has also so far avoided some of the bigger security concerns that have fallen on competitors like Intel in recent months.
The stock has gained 35 percent in August and 150 percent in 2018. That blows the market out of the water, with the S&P 500 gaining just 3 percent this month and almost 20 percent this year.
—CNBC's Tae Kim contributed to this report.
Play Video AMD has more room to run as it gains market share from Intel: Analyst
Correction: This story has been updated to correct that AMD hit a 52-week high on Monday.
