Advanced Micro Devices shares look attractive after a big pullback this year, according to Piper Sandler. The chip stock is down 34.5% this year — underperforming the S & P 500’s 15.9% decline this year — and off its November highs by 42.7%. Piper Sandler upgraded AMD to an overweight rating from neutral. The firm also boosted its price target on the stock to $140 from $98, implying 48.6% upside from Monday’s close. “There are two old sayings in the investment world: 1) ‘You cannot time the market, so do not try’ and 2) ‘Buy good companies when they are down,'” Piper Sandler’s Harsh Kumar said in a note Tuesday. “We are using the recent price action to get constructive on the name again,” Kumar said of AMD. Piper Sandler believes AMD’s core businesses are performing well and the company benefits from trends in the industry. The firm said its original thesis of a slowing PC market has not come to fruition. “We feel the weakness in the broader PC market is mostly coming from the lower-end of the market. As a result, AMD’s push into the commercial market came at the right time,” Kumar said. Analysts expect AMD to grow its leadership in the PC space, particularly on the commercial side. “On the PC front, AMD is better positioned than its primary competitor given its strong push in the commercial market,” Kumar said. Piper Sandler believes AMD’s investor day in early June could be a catalyst for the stock. –CNBC’s Michael Bloom contributed reporting.