Mizuho analyst Vijay Rakesh raised the firm's price target on AMD (AMD) to $102 from $93 and keeps a Buy rating on the shares.

The analyst is "bullish" on the Semiconductor space into the first half of 2021.

He sees "strong" year-over-year momentum and "tailwinds from a supportive fundamental and macroeconomic backdrop." Further, the first half of 2021 should bring a continued global automotive, industrial, handset, and memory rebound, Rakesh tells investors in a research note.

The analyst's top picks for 2021 are Allegro MicroSystems (ALGM), AMD (AMD), Broadcom (AVGO), Micron (MU), Nvidia (NVDA), NXP Semiconductors (NXPI), ON Semiconductor (ON), Qualcomm (QCOM) and Skyworks (SWKS).