Williams Financial Group Cuts Estimates and PT on AMD (AMD); Still Find Reason to Buy
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Price: $4.09 +0.99%
Rating Summary:
5 Buy, 15 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
5 Buy, 15 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade AMD Now!
Williams Financial Group maintains a 'Buy' on AMD (NYSE: AMD) price target of $10.00 (from $14.00).
Analyst, Cody G. Acree, said, "Last night, AMD made a surprising negative pre-announcement for the June quarter. Any pre-announcement was a surprise but the magnitude of the miss is most unsettling...While sales disappoint, the firm was able to maintain its gross margin outlook of flat to slightly up, and reduced operating expenses by about 8% sequentially, compared to the prior guidance for opex t o be about flat. "
"We are reducing our FY12 estimates from sales of $6.84 billion and EPS of $0.76 to sales of $6.14 billion and EPS of $0.52 and our FY13 estimates from sales of $7.32 billion and EPS of $0.89 to sales of $6.58 billion and EPS of $0.71. With AMD trading at about 7x our reduced estimates, we maintain our Buy rating, but on macro, market share and pricing uncertainty, we are lowering our target price."
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, with a 52 week range of $4.31-$8.35.
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Analyst, Cody G. Acree, said, "Last night, AMD made a surprising negative pre-announcement for the June quarter. Any pre-announcement was a surprise but the magnitude of the miss is most unsettling...While sales disappoint, the firm was able to maintain its gross margin outlook of flat to slightly up, and reduced operating expenses by about 8% sequentially, compared to the prior guidance for opex t o be about flat. "
"We are reducing our FY12 estimates from sales of $6.84 billion and EPS of $0.76 to sales of $6.14 billion and EPS of $0.52 and our FY13 estimates from sales of $7.32 billion and EPS of $0.89 to sales of $6.58 billion and EPS of $0.71. With AMD trading at about 7x our reduced estimates, we maintain our Buy rating, but on macro, market share and pricing uncertainty, we are lowering our target price."
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, with a 52 week range of $4.31-$8.35.
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