FBR Capital Upgrades AMD (AMD) to Outperform Ahead of Results

July 20, 2009 2:25 PM EDT
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Intra-day, FBR Capital upgraded Advanced Micro Devices Inc. (NYSE: AMD) from Market Perform to Outperform with a $5.25 price target. The upgrade follows positive comments and raised estimates from the broker earier. FBR said they are "putting our money where our mouth is" with the upgrade.

On the upgrade the firm said, "We do think the company will report strong 2Q results and 3Q guidance on Tuesday after the market close, so this is a somewhat shorter-term call in nature. Our new distributor checks suggest Asian distributors had a stronger-than-expected June quarter and are more positive about 3Q shipment prospects. In addition, recent checks for AMD and the PC supply chain have strengthened."

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