AMD (AMD) Q3 'Solid' - Jefferies
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Jefferies analyst Mark Lipacis reiterated a Buy rating and $9 price target on AMD (NASDAQ: AMD) following solid Q3 results, which confirmed the turnaround is in progress.
Lipacis commented, "3Q revs beat by 7% and EPS of $0.03 beat consensus of $0.00. The 4Q rev outlook for $1.07 billion was 85 bps above expectations. The results reinforce our view that a turnaround is in the making. The company has announced 3 deals with China so far this year, the last for GPUs to Alibaba, and we expect Zen MPUs ramp into desktop and Server markets in 1H17. We think consensus estimates are too low - Reiterate Buy."
The firm trimmed FY 2016 EPS from ($0.14) to ($0.16) and FY 2017 EPS from $0.15 to $0.12.
Shares of AMD closed at $6.96 yesterday.
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