Wedbush Raises PT on Advanced Micro Devices to $9
Wedbush Securities has published a research report on Advanced Micro Devices (NYSE: AMD) and has raised the price target from $8 to $9 after conducting a 4Q earnings preview.
In the report, Wedbush writes, "We expect AMD to report Q4 results largely in-line with Street estimates, but provide a muted outlook for Q1. We think a lowered Q1 outlook is likely already priced into the stock given the well known challenges that the hard disk drive (HDD) industry is facing in the 1H:12 as a result of the Thailand floods. We continue to believe our long-term investment thesis on AMD remains intact as we believe when the HDD begins its recovery in Q2:12, that AMD is poised to benefit from (1) APU share gains in mainstream and performance notebooks, and (2) the adoption of Bulldozer core CPU's in servers driving Y/Y earnings and revenue growth in 2012."
Wedbush reiterates its Outperform rating on Advanced Micro Devices, which is currently trading up $0.11 from Friday's $6.42 closing price.
