Nomura Securities Maintains a 'Neutral' on AMD (AMD); Senior Executive Departure

Nomura Securities maintains a 'Neutral' on AMD (NYSE: AMD) price target of $7.00.

Nomura analyst, Romit Shah, says, "AMD announced the departure of Rick Bergman. AMD’s recently appointed CEO Rory Read will serve as the interim head of the products group. The resignation of Mr. Bergman should not come as a surprise. We believe Mr. Bergman was a close ally of former CEO Dirk Meyer, who was dismissed in January. A timely replacement will be key as we credit Mr. Bergman for the Fusion APU execution and the GPU design wins at Apple. We rate shares of AMD Neutral with a $7 price target based on 11x CY12 EPS of $0.65."

For more ratings news on AMD click here and for the rating history of AMD click here.

Shares of AMD closed at $6.12 yesterday.

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