Advanced Micro Devices, Inc. (NASDAQ:AMD) shares were trading more than 4% higher Wednesday afternoon following the company’s Q4 results, with EPS coming in at $0.92, better than the consensus estimate of $0.76.

According to the analysts at Deutsche Bank, the company’s Q1 and full 2022-year guidance being 16%/11% above the expectations highlight the financial aspects of strong momentum.

Overall, the analysts continue to be impressed with the company’s fundamental performance, and it appears that the worries regarding intensifying competition from INTC, NVDA and ARM have been pushed into 2023.

The analysts raised their price target on the company’s shares to $140 from $120, while reiterating their hold rating.