Northland Capital Markets Says Advanced Micro Devices (AMD) Preannouncement 'Should Not be Surprising'; Reiterates Outperform

Northland Capital Markets reiterates an Outperform rating and $5.00 price target on AMD (NASDAQ: AMD) following a negative preannouncement. Analyst Gus Richard says that the announcement "should not be surprising", and that investors should accumulate shares on weakness.

Richard commented, "It should not be surprising AMD preannounced Q2 given the PC channel inventory decline. We think Q2 is the bottom of the PC inventory cycle, and we already see evidence of builds picking up in Q3. We believe that AMD competitive position in graphics improved with the introduction of Fiji GPU and we expect Zen CPU to sample in 2H. We reiterate our Outperform and would accumulate the shares on weakness."

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 $2.47 yesterday.

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