Market Overview

Analyst: Don't Freak Out About The Departure Of AMD's Head Of Radeon

Share:
Analyst: Don't Freak Out About The Departure Of AMD's Head Of Radeon
Related AMD
Q2 13F Roundup: How Buffett, Einhorn, Loeb And Others Adjusted Their Portfolio
Benzinga's Bulls & Bears Of The Week: AMD, Seagate, Sprint, Nike, Zynga, More
Nvidia: Mr. Market Got The Story Wrong (Seeking Alpha)

What Happened: Late Tuesday, UK tech news site Hexus reported Advanced Micro Devices, Inc (NASDAQ: AMD) Senior Vice President and Chief Architect of the Radeon Technologies Group, Raja Koduri, decided to leave the company.

AMD later confirmed the news.

The Stock's Reaction: Shares of AMD hit a low of $11.51 in Wednesday's session, as some traders and investors fret over what Koduri's departure might mean for Radeon, for Navi, the next generation graphics chip expected to launch next summer, or for the graphics segment of the company in general.

Analyst Perspective: Deutsche Bank analyst Ross Seymore, in a research note, said Koduri had actually taken a leave of absence back on September 25, leaving the RTG team in the capable hands of AMD's President and CEO, Dr. Lisa Su.

"While it is rarely a positive to lose an executive of Mr. Koduri's caliber," Seymore wrote, "we believe the reasons for his departure were personal in nature and do not reflect poorly on AMD."

Seymore maintains a Hold rating and $12 price target on AMD's stock.

Shares of AMD were trading at $11.77, down 2.32 percent at time of publication.

Related Link:

An Intel Core Processor With Custom AMD Graphics Is Coming

Analysis: AMD's Intel Deal Lends Almost 100% Upside To The Stock

Image Credit: Rico Shen, CC BY-SA 3.0, via Wikimedia Commons

Latest Ratings for AMD

DateFirmActionFromTo
Aug 2018Goldman SachsUpgradesSellNeutral
Jul 2018Cowen & Co.MaintainsOutperformOutperform
Jul 2018Stifel NicolausMaintainsBuyBuy

View More Analyst Ratings for AMD
View the Latest Analyst Ratings

Posted-In: Deutsche Bank RadeonAnalyst Color News Management Analyst Ratings Tech Trading Ideas Best of Benzinga

 

Related Articles (AMD)

View Comments and Join the Discussion!

EUR/USD Forecast: Chances Of Making A Good Comeback Above 1.1615 Hurdle

GBP/USD Forecast: Move Beyond 1.3230 Needed To Confirm Additional Gains