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| Wednesday, October 11, 2006 |
Advanced Micro Devices Inc. (AMD) was upgraded to neutral from reduce at UBS, due primarily to valuation, given the recent pullback in the share price.
The Sunnyvale, Calif. semiconductor maker's stock closed Friday down 4.4% at $24.01, and has 31% in the past 6 months.
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Analyst Thomas Thornhill believes the stock now has "limited downside risk" given the expected completion of the ATI Technologies (ATYT) merger, the potential upsides to market share gains and continued design win momentum.
He has a 12-month price target of $25 on the stock. |
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