Mizuho Securities Remains Sidelined on Advanced Micro Devices (AMD) Following 3Q Beat
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Mizuho Securities reiterated a Neutral rating and $7.00 price target on Advanced Micro Devices (NASDAQ: AMD) following the company's 3Q earnings report. AMD reported 3Q16 revenue and EPS of $1.3B and $0.03 (versus consensus of $1.2B/$0.00).
Analyst Vijay Rakesh commented, "AMD reported 3Q16 Rev/EPS inline with consensus. Strength was driven by 41% q/q Embedded/Semi-Custom growth with the Xbox One, PS4, and PS4 Pro, and 9% q/q growth in Computing/Graphics. But AMD guided the DecQ down 18% q/q despite an extra week in the quarter. We believe the modest improvement in GM implies 200-300bps+ of CG GM pricing pressure in 2H16. Zen for servers is expected in 2Q17. During the quarter, AMD improved its balance sheet and cash position. Adjusting our estimates and maintaining our Neutral and $7 PT."
Shares of AMD closed at $6.96 yesterday.
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