Shares of semiconductor giant Advanced Micro Devices, Inc. (NASDAQ:AMD) have been on a tear, soaring some 36% over the past month and punishing those who have bet against it. But if you’ve been waiting for a better entry point in AMD stock, don’t hold your breath.

These shares, despite rising more than 24% this year, could climb another 15% to $17 per share. AMD stock closed Monday near $15, continuing to climb after the company affirmed investors’ confidence by entering a chip war with rival Intel Corporation (NASDAQ:INTC).

AMD’s highly anticipated Ryzen chip, which boast better performance at a much lower price for the desktop PC and gaming market, is set to be released March 2. At an event in San Francisco last week, CEO Lisa Su said Advanced Micro Devices had only one goal in mind when developing the next-generation chips:

“We wanted to disrupt the PC market, we wanted to bring innovation, choice and performance to as many people as possible.”

Improved Prospects

Su, in charge since January 2012, has orchestrated a remarkable turnaround at the company. AMD stock traded around $5.40 at the time of her appointment. And not only was Advanced Micro Devices nearly $2.5 billion in debt, revenue had grown only once in the company’s previous five years.

Prospects, which looked bleak at the time of her appointment, now appear drastically different. Advanced Micro Devices shares have skyrocketed 161% since her appointment.

And thanks to the company’s Ryzen architecture, there’s now no sign of slowing down, which should frighten Intel.

For instance, the Ryzen 7 1800X — the highest-performing chip in AMD’s new arsenal — not only has eight core processors, but is also priced at $499, which is half the cost of Intel’s comparable model the $1,000 Core i7-6900K.

“More performance, half the price,” Su said.

And it doesn’t stop there.

AMD is now in the driver’s seat in terms of performance and price. The Ryzen 7 1700X and the Ryzen 7 1700, two other AMD chips, will be priced at $399 and $329, respectively. Both are cheaper than Intel’s comparable chips, priced respectively at $425 and $350.

AMD’s aggressive pricing not only could force Intel to lower its prices, but could also allow Advanced Micro Devices — assuming demand picks up — to raise its prices and boost its profits.

Intel, which may take a wait-and-see attitude, will be forced to respond.

Bottom Line for AMD Stock

Not only does AMD plan to launch its Naples chip for data centers in the second quarter, It will also launch its two other Zen-based chips.

To that end, while AMD stock — recently priced at 48 times fiscal 2018 estimates — might not scream bargain today, investors may be forced to pay more in the months ahead.

Su promised AMD will have “an incredible year” in 2017. And my crystal ball says $17 per share seems a reasonable target for AMD stock, yielding 15% upside from current levels.

As of this writing, Richard Saintvilus did not hold a position in any of the aforementioned securities.