Advanced Micro Devices, Inc. AMD 1.88% shares are down more than 8 percent on Thursday following a bearish note from Goldman Sachs, but that news hasn’t stopped at least one large options trader from making a large bullish bet on a recovery.

On Thursday, Goldman analyst Toshiya Hari set a Sell rating and $11 price target for AMD and said the stock’s current share price already reflects what Goldman sees as “very bullish” market conditions in 2018.

According to Hari, AMD is now “priced for perfection.” Hari says while AMD’s “execution (i.e. new product launches, cost management and [balance sheet] deleveraging) has improved under CEO Lisa Su, we believe current risk-return is unfavorable.”

The report sent AMD shares crashing, but Benzinga Pro issued a mid-day options alert after identifying notable volume in AMD May 12 $13.50 call options. The large call buyer is betting AMD will gain nearly 12 percent in the next five weeks.

Of course, large options purchases are always open to interpretation. Call purchases may suggest…

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