diff --git a/drivers/sim.c b/drivers/sim.c
index b1f0d41..ed7ce4d 100644
--- a/drivers/sim.c
+++ b/drivers/sim.c
@@ -100,10 +100,10 @@ static int fetch_operand(struct sim_device *dev,
 		}
 
 		addr = MEM_GETW(dev, dev->regs[MSP430_REG_PC]);
+		dev->regs[MSP430_REG_PC] += 2;
+
 		if (reg != MSP430_REG_SR)
 			addr += dev->regs[reg];
-
-		dev->regs[MSP430_REG_PC] += 2;
 		break;
 
 	case MSP430_AMODE_INDIRECT: