Jefferies Slashes Estimates on AMD (AMD) After Big Miss; Still Have 3 Reasons To Like

July 10, 2012 7:17 AM EDT Send to a Friend
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Price: $2.68 -0.37%

Rating Summary:
    8 Buy, 12 Hold, 10 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Jefferies maintains a 'Buy' on AMD (NYSE: AMD) price target of $9.00 (from $10.00).

Analyst, Mark Lipacis, said, "AMD's miss was bigger than we expected, and we lower our estimates and price target but maintain our rating for 3 reasons: 1) We believe the supply chain materially destocked MPUs during the quarter, 2) After market trading to $5 implies EV/S of 0.6x, it was lower only twice, in 2011 and 2002, 3) gross margins appear stable despite the top line miss, underscoring its product cycle (Trinity) and fabless model."

FY12 EPS estimate cut from $0.74 to $0.48 and FY13 from $1.06 to $0.70.

For an analyst ratings summary and ratings history on AMD click here. For more ratings news on AMD click here.

Shares of AMD closed at $5.62 yesterday.


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