Nomura Securities Maintains a 'Neutral' on AMD (AMD); Restructuring Plan

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

Nomura analyst, Romit Shah, said, "AMD announced a restructuring plan to strengthen the company’s competitive position. The company expects to reduce operating expenses by $10mn in 4Q11 and $118mn in 2012 primarily through a global workforce reduction of 10%. We estimate around 80% of these savings to be reinvested in R&D to support programs around low-power, emerging markets, and the cloud. We are raising EPS to $0.16 from $0.15 in Q4 and to $0.60 from $0.55 in CY12."

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

Shares of AMD closed at $5.73 yesterday.

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