Nomura Securities Maintains a 'Neutral' on AMD (AMD); Q4 Review

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

Analyst, Romit Shah, said, "AMD reported revenue of $1.69bn (flat q/q), which is below our estimate and consensus of $1.74bn (up 3% q/q) and $1.72bn (up 2% q/q), respectively. Q4 EPS of $0.19 was $0.03 higher than our estimate and consensus due to higher gross margin (+100bps) and lower opex (- $11mn). Our Q1 estimate moves from $1.62bn/$0.08 to $1.56bn/$0.10. We are also moving CY12 revenue from $6.8bn to $6.6bn while maintaining FY12 EPS estimate at $0.60, due to lower operating expenses and higher gross margin. AMD is making strides to improve manufacturing yields, but at the same time is falling further behind Intel, which will begin ramping 22nm Ivy Bridge this spring."

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 $6.53 yesterday.

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