Imperial Capital Keeps Bullish Rating on AMD (AMD) Post Q4, Calls Results 'Consistent with Expectations'

Imperial Capital analyst Ashok Kumar reiterated an Outperform rating but trimmed his price target on AMD (NASDAQ: AMD) to $3.00 (from $3.30) following Q4 results after the close which he said was "consistent with expectations." The firm's new price target represents 34% upside to the recent price.

Ashok Kumar commented, "On its earnings conference call on 1/20/15, AMD provided weak guidance for 1Q15, with revenues expected to decline 15% quarter-over-quarter (qoq) as the company continues to work down channel inventory. While the overall PC market appears to have stabilized, AMD sees PC units down low single-digits in 2015. AMD’s core PC and graphics sales are expected to decline faster than the market as Intel continues to gain share at the low end. AMD’s 2015 non-GAAP break-even profitability outlook excludes the $20mn per quarter in stock based compensation. We are lowering our 2015 revenue estimate to $4.8bn from $5.1bn and our non-GAAP EPS estimate to $0.02 from $0.07."

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 $2.24 yesterday.

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