Citi (Credit) Upgrades Advanced Micro Devices (AMD) to Marketweight

Citi (Credit) upgraded its weighting on Advanced Micro Devices (NASDAQ: AMD) credut to Marketweight from Underweight "owing to a projected slower rate of PC market decline in 2015, free cash flow generation, forecasted leverage stability near 5x and bond yields near 9% (near many energy bonds investors seem focused on). We remain a Neutral on the AMD bonds owing to cash generation, ample liquidity and the future impact of design wins. We project leverage could rise from 3.9x to 5.2x in 2015. Our 2015 estimates show cash building owing primarily to reduced working capital. AMD bonds could remain under pressure owing to design win uncertainty or PC market share loss."

Advanced Micro Devices reports after the close on Tuesday, January 20th.

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