UPDATE: Citigroup Lowers PT on Advanced Micro Devices to $10.50

Citigroup reiterates a Hold rating on Advanced Micro Devices (NYSE: AMD) and lowers its price target from $12 to $10.50.

Citigroup writes, “Investors viewed the dissemination of AMD's earnings date as the “all clear” for 2Q12 results. And while we acknowledge that this is generally true, our impression is that the weakening PC environment, combined with Intel product launches in the latter half of the quarter, likely impacted AMD's June. Thus, despite the establishment of the earnings date, we see risk to AMD's 2Q12 results to as much as 3%-5% decline vs. guidance of 3% growth.”

Advanced Micro Devices closed at $5.44 yesterday.

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