While I certainly wouldn't recommend buying the stock just yet, there is the potential for a nice run higher from number-2 semiconductor firm Advanced Micro Devices . Shares of the company are up more than 2% so far today following an upgrade to neutral from underperform by Credit Suisse. The brokerage firm cited recent earnings reports from key PC suppliers and hardware makers for the upgrade. According to Credit Suisse, While favorable industry dynamics forces us to conclude that AMD is not an underperform - i.e. you should not be short - our neutral rating still reflects concerns relative to the company's competitive position longer term.

Meanwhile, there is plenty of room for other brokerage firms to follow suit. According to Zacks, 16 of the 20 analysts following AMD rate the shares a hold or worse. What's more, more than 15% of the stock's total float is sold short. However, the stock has struggled significantly lately, dropping some 32% since January. Today's bump higher places the equity above some short-term resistance at the 13 level, but there are still several hurdles to overcome before I would consider this stock a buy.