Nomura Securities Maintains a 'Neutral' on AMD (AMD); Cutting Numbers After Big Miss

July 10, 2012 8:14 AM EDT
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Nomura Securities maintains a 'Neutral' on AMD (NYSE: AMD) price target of $6.00 (from $8.00).

Analyst, Romit Shah, said, "AMD significantly reduced Q2 revenue growth outlook to down 11% q/q from its prior guidance of up 3% on soft PC sales in Europe and China. We believe the weaker outlook also reflects AMD’s weakening position in desktops. We are lowering our estimates from $1.6bn/$0.15 to $1.4bn/$0.07 in Q2, from $6.8bn/$$0.70 to $6.0bn/$0.36 in CY12 and from $7.3bn/$0.90 to $6.6bn/$0.60 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 $5.62 yesterday.

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