AMD (AMD) Downgraded to Neutral at Sterne Agee Ahead of Q1 Results

July 5, 2012 7:33 AM EDT
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Price: $9.88 +0.61%

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    13 Buy, 16 Hold, 6 Sell

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    Up: 13 | Down: 22 | New: 54
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Shares of AMD (NYSE: AMD) will open Thursday's trading session lower as an analyst at Sterne Agee downgraded the stock from Buy to Neutral earlier. The lowered investment recommendation comes ahead of AMD's first-quarter earnings results on Thursday, July 19th. The Sterne Agee analyst's price target on AMD was lowered from $10 to $8.50.

The analyst said, "While we have been positive on AMD for a long time, and AMD is executing well and taking desktop-graphics market share...we believe the slowing PC market limits upside." Concerning demand and competition in both the PC and ultrabook/tablet markets were also cited, as were broader economic worries.

A consensus of analysts' first-quarter estimates sits at 14 cents for earnings and $1.63 billion for sales.

Despite the new Neutral rating, Sterne Agee's new price target represents potential upside of about 40 percent after closing at $6.03 on Tuesday.

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