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."

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Shares of AMD closed at $2.24 yesterday.