Wells Fargo Reiterates an 'Outperform' on AMD (AMD); Notes From European Management Meetings

Wells Fargo reiterates an 'Outperform' on AMD (NYSE: AMD) price target range $7-$9.

Analyst, David Wong, said, "Last week, we hosted investor meetings in Dublin and London with Thomas Seifert, AMD’s CFO and Ruth Cotter, Corporate VP Investor Relations. We think the company has done a good job over the last few years in defining and executing a new strategy to reduce financial risk and improve long-term profitability. The spinout of AMD’s manufacturing facilities and subsequent modifications to the company's manufacturing agreement have largely eliminated AMD’s high manufacturing capex requirement, freed AMD from the need to support minimum levels of production, and helped the company broaden its manufacturing choices. AMD has streamlined its expense structure and, we believe, sized its product and competitive aspirations appropriately."

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 $3.85 yesterday.

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