Collins Stewart Starts Advanced Micro Devices (AMD) at Buy
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Collins Stewart initiates coverage on Advanced Micro Devices Inc. (NYSE: AMD) with a Buy rating and $8 price target.
Commenting on the positive rating on AMD, the firm said, "We expect the Company to largely meet street estimates of $1.45 billion or up 7% Q/Q. Any upside will primarily be from share gains in graphics due to miscues at Nvidia. The Company will likely continue losing share to Intel in the core processor business. Lower expenses could support upside in operating income, but break-even remains a stretch goal. As the graphics market peaks in September, incremental growth in December will be more muted."
Advanced Micro Devices closed at $6.15 yesterday, with a 52-week range of $4.05-$14.73.
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