Nomura Securities Maintains a 'Neutral' on AMD (AMD); Q3 Earnings Review

Nomura Securities maintains a 'Neutral' on AMD (NYSE: AMD) price target of $5.00.

Nomura analyst, Romit Shah, said, "AMD reported revenue that was better (up 7% q/q) than the revised guidance of up 5% q/q. Notebook (up 35% q/q) and Server (up 27% q/q) revenue grew significantly despite supply constraints at GF. While this performance indicates strong demand for AMD's products, we would stay on the sidelines until there is more visibility on 32nm manufacturing constraints. We recognize that Intel’s 22nm Ivy Bridge may pressure ASPs in 2012. Our Q4 EPS estimate remains at $0.15. We are increasing CY12 estimates from $6.69bn/$0.50 to $6.81bn/$0.55. We maintain a Neutral rating and price target of $5 based on 9x CY12E EPS of $0.55."

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

Shares of AMD closed at $5.54 yesterday.

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