UPDATE - UBS Upgraded AMD (AMD) to Buy; Expect Improved Execution to Drive More Sustainable Margins

UPDATE - UBS upgraded AMD (NYSE: AMD) from Neutral to Buy. PT raised from $7 to $9.

UBS analyst says, "We upgrade AMD for 5 key reasons: 1) Our Asia trip checks show a resilient desktop market which should benefit AMD, Intel (Nasdaq: INTC), 2) Based on the track record of new CEO, Rory Read, we believe he will improve AMD’s (historically weak) go-to-market execution, 3) Our checks show its 32nm foundry process has shown real improvement in 1H11, 4) Reviews of upcoming processors show it will be more competitive vs existing parts, 5) Valuation –downside priced-in with stock at 9x P/E (16x recent avg), 0.7x EV/Sales (1.3x historical avg)."

To see more ratings changes on AMD, Click Here

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