FBR Reiterates Outperform Rating, $7.50 PT on Advanced Micro Devices

In a report published Monday, FBR & Co. reiterated its Outperform rating and $7.50 price target on Advanced Micro Devices AMD. FBR noted, “AMD's recent revenue guidance cut is a disappointing setback for the firm's new management team and investors. We still believe AMD can benefit from improving its execution and product portfolio under new CEO Rory Read's leadership, though this transition will take much time. While it is difficult to determine how fast revenues will recover, we think AMD is now operating toward the lower end of a normal demand range, with delayed customer purchases ahead of Win8 launches later this year and macro-driven supply chain inventory purging.” Advanced Micro Devices closed on Friday at $4.90.