FBR Capital Maintains MP on Advanced Micro Devices (AMD) Following Analyst Day

FBR Capital reiterates their Market Perform rating on Advanced Micro Devices (NASDAQ: AMD), and maintains a $3.50 price target following an AMD analyst day. During the presentations, management mentioned that they believe the PC market will stabilize in 2H15. This should drive a return to profitability in the second half of the year.

FBR analyst Christopher Rolland commented on AMD saying, "Overall for AMD, in our view, the company has wisely directed its strategic focus away from the core PC market and toward gaming APUs, microservers, and custom-embedded processors: areas on which its larger competitor is less focused. However, we now believe much of this transition has already played out with visibility into meaningful peak earnings elusive. Therefore, we maintain our Market Perform rating and price target of $3.50, based on a 2015E EV/sales multiple of 0.9x."

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 $2.29 yesterday.

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