Advanced Micro Devices' Q3 Earnings Preview: Mixed Voices From The Street
Investor focus has turned toward Advanced Micro Devices, Inc. (NASDAQ: AMD) ahead of Thursday's third-quarter results announcement. The focus increased after peer Intel Corporation (NASDAQ: INTC) provided weak guidance for the fourth quarter, though its third-quarter results exceeded estimates.
Street analysts' expectations have improved after the second-quarter results. The consensus estimates a loss per share of $0.03 90 days ago and currently is looking for a break-even in the third quarter. Revenue is predicted to be $1.21 billion.
Most of the brokerage houses are bullish on the company's shares ahead of the results announcement. For instance, Canaccord Genuity expects $0.01 EPS on revenue of $1.22 billion.
Similarly, Oppenheimer sees improved sales trend in the near-term and sees less risk from the balance sheet. Advanced Micro Devices is expected to gain from a number of favorable factors. One among them is slower than expected drop in the shipments of PC and favorable feedback for its Zen processors, which is expected to be launched next year.
Voices From The Street
- Barclays initiated coverage with an Equal-Weight rating and price target of $7.
- Bernstein upgraded from Underperform to Market Perform rating.
- Canaccord maintains a Buy rating with a target price of $8.50.
- Credit Suisse upgraded from Underperform to a Neutral rating and boosted price tag from $5.50 to $7.
- Oppenheimer upgraded from Underperform to Perform.
- Susquehanna initiated coverage with a Neutral rating and $6.50 target price.
At last check, Advanced Micro Devices was trading at $6.77, up 0.54 percent on the day. Intel was down 5.67 percent at $35.61.
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Latest Ratings for AMD
|Dec 2016||Morgan Stanley||Upgrades||Underweight||Equal-Weight|
|Dec 2016||BMO Capital||Upgrades||Market Perform||Outperform|
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