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Politics : Formerly About Advanced Micro Devices

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To: Jim McMannis who wrote (82362)	12/8/1999 2:18:00 PM
From: Petz	Read Replies (1) of 1578058

Fahnestock re-iterates buy on AMD and raises estimates: (courtesy, Albert) * Earnings Revision: We are revising our earnings estimates for 4Q99 to a loss of ($0.03) per share from a loss of ($0.36), for 1999 to a loss of ($1.07) from a loss of ($1.41), for 2000 to $1.25 from $1.12 and for 2001 to $2.60 from $2.21. We are also raising our 12-month target price to $45 from $40. This change is a more comprehensive and formal revision to our earnings model after the company's analyst meeting last month. Our revised 4Q99 loss is consistent with our preliminary estimate released after that meeting of 800,000 Athlon microprocessor units leading to $846 million of revenue, up from 750,000 and $799 million, respectively. My comments: They are basing their assumption of a near break-even quarter (0.03) on an assumption of only 800K Athlon shipments. A more reasonable assumption of 1 to 1.2 million would give additional profit of 30M to 80M, giving a profit of 0.17 to 0.50. Petz

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