Dallas, Texas 10/21/2013 (Financialstrend) – Cody Acree, the Williams Financial analyst has maintained his bullish stand on Advanced Micro Devices, Inc. (NYSE:AMD) after the company’s shares took a hit post the Q3 results. Merrill Lynch and Bank of America have downgraded the rating on Advanced Micro Devices, Inc. (NYSE:AMD) shares and Bernstein and Citigroup have dropped their PT on the company’s shares.
Citigroup analyst noted that though the company’s earnings per share and revenue guidance topped analyst estimates, it is not likely that investors will be impressed with the results as the company’s new move into the gaming field was expected to bring in more healthy results.
The company’s graphics revenues rose by 110% q-on-q, and touched a record 45% of sales proportion. But there was an estimated drop of 7.6% in PC revenues and the company lost 80bps of Personal Computer-related market-share while Intel’s share rose. Now that the momentum is slowing –down seasonally, investors and analysts are not too excited about the reports.
In Friday’s trading, Advanced Micro Devices, Inc. (NYSE:AMD) dropped by 13.69%. The opening price of the shares was $3.56, which climbed to an intraday high of $3.66 and dipped to a close of $3.53. Approximately 0.108 million shares were traded on Friday while an average volume of 32.25 million shares were traded over a 30 day period.
About the company
Advanced Micro Devices, Inc. (NYSE:AMD) is an international, semi-conductor company. It has facilities across the globe. It offers various x86 microprocessors. These are used either as standalone-devices or could be incorporated as accelerated processing unit, for use in the consumer & commercial markets, embedded-microprocessors that are used in commercial-client, commercial & the consumer markets & chipsets that are used in desktop and mobile-devices, like mobile personal-computers, or tablets and PCs, professional workstations & servers amongst others.