Nomura Securities Maintains a 'Neutral' on AMD (AMD); Cutting PT & Estimates

July 20, 2012 9:09 AM EDT
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Nomura Securities maintains a 'Neutral' on AMD (NYSE: AMD) price target of $5.00 (from $6.00).

Analyst, Romit Shah, said, "AMD guides Q3 revenue to -1% versus our estimate of +5% q/q on increased desktop inventory (total up 42% q/q) and weak China and Western Europe. Gross margin will decline 150bps due to lower sales and increasing pressure on ASPs, according to company guidance. AMD indicated that demand trends were significantly lower (flat to up 2%) versus a seasonal growth of high-single digit. Our estimates change from 1.4b/$0.07 to 1.4b/$0.06 in Q3, 6.0b/$0.36 to 5.9b/$0.24 in CY12, and 6.6b/$0.60 to 6.2b/$0.40 in CY13."

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 $4.86 yesterday.

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